A continuous celebration: The Institute’s 50th anniversary
The Institute’s suite of celebratory events and activities marking its 50th anniversary is in full swing. It held the 50th Anniversary Cup horseracing event in June and the well-received CPA Congress in July. The festivities will finally culminate in the 50th Anniversary Gala Dinner, which will be held on 4 December at the Hong Kong Convention and Exhibition Centre. Members are invited to join in an unforgettable evening of celebration and recognition. Book your seat or become a sponsor now to share this joyous moment with us.
As part of the 50th anniversary celebrations, the Institute has also launched its special CityBus and MTR branding campaign (pictured below), establishing a positive and esteemed image of Institute members and the profession in the public domain. Celebrate the profession by posting a selfie or story on social media with the hashtag #50YearsOnTheMove when you come across the ads.
A video commemorating the Institute’s golden jubilee has also been produced, highlighting key milestones in the Institute’s development over the past 50 years.
A4S ABN members collaborate for thought piece
Member bodies of the Accounting for Sustainability (A4S) Accounting Bodies Network (ABN), including the Institute, collaborated in celebration of the network’s 15-year anniversary to share views on how the profession may transform in the future in a thought piece, titled “Transforming the profession – the future of accountancy.”
The collection of insights focuses on how systems, technology and skills will change the profession in the near future, and what accounting bodies need to do to support their members in adapting to this. It features videos from the leaders of the global accounting profession, including Institute Chief Executive and Registrar Margaret Chan, who presents her thoughts on leveraging technology for a sustainable future. Read the full content here.
Renewing membership for 2024
The 2024 renewal notice was issued to all members on 3 October. To complete the renewal process, members should follow the steps below on or before 15 December: (i) submit the annual return for membership renewal, which includes your continuing professional development declaration and fit and proper declaration; and (ii) pay the annual fee online. Visit here to renew or check your renewal status.
Call for Council and committee applications
The Institute’s Nomination Committee is inviting applications for 2024. Members interested in contributing to the development of the profession in a meaningful way next year can put their names forward to join the Council as a co-opted member or committee members. Members can learn more about the committees from the Institute’s website and should submit the nomination form before 24 November.
Views needed on proposed QP interim qualifications
As one of the initiatives under the Strategic Plan 2023, the Institute is exploring the potential of offering Interim Qualifications (IQ) as another interim recognition point within the Qualification Programme (QP). Members are invited to complete a survey by 7 November, which will help us in assessing the feasibility and gauge the market demand for the proposed IQ. More details here.
Council meeting minutes
The abridged minutes from the July and September 2023 Council meetings are now available.
Disciplinary findings
Chan Yui Hang, CPA (practising)
Complaint: Failure or neglect by Chan to observe, maintain or otherwise apply the fundamental principle of Professional Behaviour in section 500.5(e) of the Code of Ethics for Professional Accountants (code of ethics), and breach of the duties of reporting openly to those interested in the liquidation and retaining overall control of the engagement under sections 500.40 and 500.43 respectively of the code of ethics. In addition, the Disciplinary Committee found Chan was guilty of professional misconduct.
Chan appealed against the committee’s decision. His appeal was dismissed by the Court of Final Appeal on 7 September 2023.
Chan was the sole liquidator of a Hong Kong private company which went into voluntary liquidation in December 2012. In conducting the liquidation, Chan breached the requirements of the Companies (Winding Up and Miscellaneous Provisions) Ordinance and Companies (Winding-up) Rules by failing to convene valid annual creditors’ meetings for four consecutive years and to file his liquidator’s statements of account for six periods with the Companies Registry within the prescribed time. Chan also failed to retain overall control of the liquidation when he delegated some of the liquidation work to a third party. In addition, Chan made payments of liquidators’ fees of some HK$4.7 million to himself out of the company’s funds without obtaining proper approval from the creditors of the company.
Decisions and reasons: Chan was reprimanded, and his practising certificate was ordered to be cancelled on 15 October 2020 with no issuance of practising certificate to him for 12 months. In addition, Chan was ordered to pay a penalty of HK$100,000 and costs of the Institute of HK$215,187. In making its decision, the Disciplinary Committee noted that Chan had shown blatant disregard for the legal requirements while he was the liquidator of the company and he was actually prosecuted by the Companies Registry. In the circumstances, he had no doubt damaged the reputation of the accountancy profession. The 12-month cancellation period was initially ordered to run consecutively following another disciplinary order made against him in a separate complaint. He appealed against the disciplinary order which has been remitted back to be heard by a different disciplinary committee. With this separate complaint under deliberation by the new disciplinary committee and the final disposal of Chan’s appeal by the Court of Final Appeal, the cancellation of practising certificate and the 12-month non-issuance period was commenced on 19 October 2023.
Ng Kay Lam CPA (practising)
Complaint: Failure or neglect, without reasonable excuse, to comply with a direction issued by the Practice Review Committee (PRC) under section 32F(2)(b) of the pre-amended Professional Accountants Ordinance.
The Institute scheduled a follow-up practice review of Ng’s practice, K.L. Ng & Company, in 2017. This did not take place due to Ng’s refusal to cooperate. As a result, the PRC issued a direction requiring Ng to accommodate the practice review visit in 2018 and provide certain information for the review. Ng failed to comply with the PRC’s direction.
Decisions and reasons: The Disciplinary Committee ordered the practising certificate issued to Ng be cancelled with effect from 22 July 2021 and no practising certificate shall be issued to him for 24 months. In addition, Ng was ordered to pay costs of the disciplinary proceedings of HK$174,866. When making its decision, the committee noted that Ng had not shown any remorse, and that he put forward numerous irrelevant and unnecessary arguments in an attempt to prolong the proceedings. The committee took the view that any such attempt should be deterred.
Ng appealed the committee’s decision. Following the Court of Appeal’s dismissal of the appeal in May 2023 and it’s decision on costs against Ng in September 2023, the practising certificate of Ng was cancelled with effect from 25 October 2023.
Details of the disciplinary findings are available on the Institute’s website.
