Members’ training needs study: Results out now
The Hong Kong Institute of CPAs conducted a Training Needs Analysis (TNA) through a survey and focus group discussions to better understand members’ training needs. The summary of the TNA results are now available on the Institute’s website. One of the key findings of the analysis is that the most preferred learning method is through e-format offerings including webinars. The summary also includes details on how the Institute is enhancing its continuing professional development (CPD) offerings to meet members’ training and development needs.
Importance of CPD declaration
Members are required to declare CPD compliance annually for membership renewal. As a reminder, CPD records in MyCPA on the Institute’s website do not equate to a declaration of CPD compliance, and members must still submit the CPD declaration with their Annual Return for Renewal to avoid non-renewal of membership. More details and other frequently asked questions on CPD requirements are available on the Institute’s website.
IT Virtual Conference 2022
The Institute’s IT Virtual Conference 2022 will take place as a live webinar on 22 October. With the theme “From Masters of Digits to Masters of Digital Transformation,” the conference will bring together speakers to share their insights on future trends as well as key technologies that can make digital initiatives successful in organizations. The enrolment deadline is 20 October.
Annual Auditing Update 2022
The Annual Auditing Update Conference 2022 themed “Strengthening Trust and Audit Quality” will be held on 29 October. The speakers will share the updates on projects of International Auditing and Assurance Standards Board, International Ethics Standards Board for Accountants, the Code of Ethics etc. Enrol by 27 October.
Council meeting minutes
The abridged minutes from the August Council meeting are now available in the “Members’ area” of the Institute’s website
Wong Yip Ming CPA (practising)
Complaint: Failure or neglect to observe, maintain or otherwise apply Hong Kong Standard on Auditing (HKSA) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements; HKSA 250 (Revised) Consideration of Laws and Regulations in an Audit of Financial Statements; HKSA 315 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement; HKSA 500 Audit Evidence; HKSA 505 External Confirmations; Hong Kong Standard on Assurance Engagements 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information; 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; Practice Note (PN) 810.1 (Revised) Licensed Insurance Broker Companies – Compliance with the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules; PN 820 (Revised) The Audit of Licensed Corporations and Associated Entities of Intermediaries; and the fundamental principle of professional competence and due care in section R113.1 under Chapter A of the Code of Ethics for Professional Accountants, and being guilty of professional misconduct.
Wong is practising in his own name with no staff. His practice was selected for its first practice review in November 2019. The reviewer identified various significant deficiencies in the practice’s quality control system and its completed audit and compliance reporting engagements. Wong was responsible for the quality control system and the quality of his audit and compliance reporting engagements.
Decisions and reasons: The Disciplinary Committee reprimanded Wong and ordered the cancellation of his practising certificate, effective 6 September 2022, with no issuance of a practising certificate for four months. In addition, the committee further ordered Wong to pay a penalty of HK$50,000 and costs of the disciplinary proceedings of HK$63,704. When making its decision, the committee took into consideration the relevant facts of the complaint, Wong’s conduct throughout the proceedings and his admission of the complaint.
Details of the disciplinary finding are available on the Institute’s website.