Institute’s 50th anniversary celebrations begin
The Institute has launched its 50th anniversary celebrations, encompassing a variety of events and activities taking place over the coming months. All the events, initiated by the Institute’s Council and 50th Anniversary Organizing Committee, are designed to connect the profession with the public and to showcase the incredible work that members have done since the Institute’s inception in 1973.
To begin marking this incredible milestone, the Institute has introduced its 50th anniversary logo. Incorporating the wing from the Institute’s logo that is coloured the red of Hong Kong’s bauhinia flag, the number 50 encompasses the Institute’s vital role as the guardian of the city’s financial system over the past five decades. The logo is further embellished with fireworks that are the same colour as the Institute’s remaining wings.
The theme, “Accounting for success now and beyond,” reflects our achievements over the past half century, as well as the Institute’s and the profession’s continued efforts to remain mainstays of Hong Kong’s development as an international financial centre.
The celebrations will be kicked-off with members being invited to a “50th Anniversary Cup” horse racing event in June. This will be followed by a prestigious global congress during the summer that will bring some of the world’s leading minds in business together, and then a gala dinner to honour the most esteemed members at the end of the year. Members will be kept up to date on all of the latest news and information about the campaign via email and social media.
Strategic Plan 2023 out now
The Institute published its Strategic Plan 2023, which lays out the direction and goals for the organization over the next year, and reflects its commitment to championing the accounting profession in Hong Kong and beyond.
The plan was developed and refined after the annual review of the Strategic Plan undertaken by Council, taking into consideration the latest opportunities and challenges with members’ best interests in mind. A number of the actions and initiatives included in the 2022 plans have been completed but many others are ongoing and will be complemented by newly developed actions to ensure all challenges continue to be addressed. Major objectives of the plan include contributing to the city’s sustainability journey, cultivating internationally recognized talent, building a positive image for the profession, as well as facilitating opportunities in the Greater Bay Area (GBA).
Institute promotes the Hong Kong profession in GBA
Institute President Loretta Fong led a successful delegation and represented the Institute at a forum, both in Nansha, Guangzhou. During the visit at the end of March, the delegation met with local officials, industry leaders, and accounting professionals to learn more about the business landscape and regulatory environment in Nansha. This was the first of a series of visits that the Institute has planned with the support of the Hong Kong government’s Professional Services Advancement Support Scheme fund to promote Hong Kong’s accounting profession and explore new opportunities for members in the GBA.
Later in April, over 100 attendees from around the region, including representatives from the Hong Kong Liaison Office and the Hong Kong and Macao Affairs Office of Guangdong Province, gathered to participate in a forum focused on issues revolving modern accounting services and the high-quality development of the GBA. The President delivered a keynote speech on environmental, social and governance matters that was well received by the attendees.
Institute’s response to the 2023-2024 Budget
The Institute welcomed the 2023-2024 Budget, which was announced on 22 February and included numerous suggestions made by the Institute in its budget submission. It is hoped that the budget will help the city get back on track, revive the economy in the post-COVID era, and reconnect Hong Kong with the international community. However, the Institute believes that the government could also formulate more targeted measures so as to enhance Hong Kong’s competitiveness in the medium and long-term. Read the Institute’s press release to learn more.
Institute to host CPA Sports Carnival 2023
For the first time, the Institute will co-host the CPA Sports Carnival 2023 with The Society of Chinese Accountants & Auditors on 7 May at Siu Sai Wan Sports Ground. Themed “Happy 香港 • 活力 CPA,” the event aims to bring professional accountants together in a fun way, through engaging in different sports, and to share the benefits of exercise. Fun booths have also been prepared for CPAs to bring along friends and family.
Council meeting minutes
The abridged minutes from the January, February (Strategy Day) and March 2023 Council meetings are now available.
Disciplinary finding
Lee Sun, Antony
Complaint: Failure or neglect to observe, maintain or otherwise apply the fundamental principle of integrity under section 110.1 A1(a) and subsections R111.1 and R111.2 under Chapter A of the Code of Ethics for Professional Accountants; the fundamental principle of professional competence and due care under section 110.1 A1(c) and subsection R113.1 of the Code; Hong Kong Standard on Quality Control 1 Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements; Hong Kong Standard on Auditing (HKSA) 230 Audit Documentation; and HKSA 500 Audit Evidence; and being guilty of professional misconduct.
Lee was the sole practising director of JTBC CPA Limited (practice) which was registered in February 2015. The practice was subject to an initial practice review (review) by the Institute’s Quality Assurance Department which was concluded in October 2020. The review identified significant findings which led to concerns over Lee’s lack of integrity, and professional competence and due care, demonstrated by (i) his conduct in response to the review, in particular, the creation of working papers, and provision of false or misleading information/representations; (ii) deficient quality control system of the practice; and (iii) the lack of audit quality in the practice’s audit engagements.
Decisions and reasons: Lee admitted to the complaint against him. The Disciplinary Committee found that Lee had been guilty of professional misconduct. The committee reprimanded Lee and ordered that the name of Lee be removed from the register of CPAs for 18 months and his practising certificate be cancelled with effect from 31 March 2023. He was ordered to pay a penalty of HK$200,000 and the costs of the disciplinary proceedings of HK$71,298.
Details of the disciplinary finding are available on the Institute’s website.
