Download pdf - New leaders electedapp1.hkicpa.org.hk/publications/society_journals/2005/...Pang Tsun Loy, Michael P 899 Wong Ching Hung, Thomas N 1,084 Wong Wang Tai, Ivan P 537 Wu Shek Chun, Wilfred

Institute News

THE HONG KONG ACCOUNTANT JANUARY 20056

New leaders electedAt the 32nd Annual GeneralMeeting of the Hong KongInstitute of CPAs, Edward KFChow was elected president,and Paul MP Chan and MarkC Fong were elected vice-presidents.

Other newly elected mem-bers of the Council include DrCho Lung Pui Lan, Stella, LeoCM Lee, Doug Oxley, CarlsonTong, Tsai Wing Chung,Philip, Paul F Winkelmannand Amy WS Yung.

Council election result

Elected candidates

Name Category No. of votesPaul MP Chan P 3,520Cho Lung Pui Lan, Stella N 2,354Leo CM Lee N 2,192Doug Oxley N 2,392Carlson Tong P 2,226Tsai Wing Chung, Philip P 2,752Paul F Winkelmann P 2,146Amy WS Yung P 1,933

Other candidates

Name Category No. of votesChan Po Fun, Peter P 602Cheng Kin Chung N 419Chew Fook Aun N 932Susanna Chiu N 1,083Choi Sau Yuk N 761Choy Chak Wa, Peter N 578Fok Ka Hing, Eric N 1,383Kung Yiu Fai, Elve N 1,332Lam Yiu Chau, David N 489Leung Wing On, Louis P 1,190Li Wai Keung N 403Anthony Nedderman P 517Pang Tsun Loy, Michael P 899Wong Ching Hung, Thomas N 1,084Wong Wang Tai, Ivan P 537Wu Shek Chun, Wilfred N 420Yam Chi Ming, Stephen N 538

P: Those members who are in full time practice as certified public accountants (practising)N: Those members who are not in full time practice as certified public accountants (practising), who

may or may not hold a practising certificate

The 32nd AGM in progress

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At the meeting, Council also appointedtwo co-opted members, Chew Fook Aunand Susanna Chiu.

For the first time, under the new Pro-fessional Accountants Ordinance, immedi-ate past president Roger Best will continueto serve on the Council for one more yearand the Chief Executive of the HKSAR hasappointed four non-accountants to theCouncil. They are Edward Wai Sun Cheng,Sir CK Chow, Paul MY Chow and SophiaKao.

Speaking at the AGM, the outgoingpresident Roger Best said that the passageof the Pro fe s s iona l Accountant s(Amendment) Ordinance 2004 was themost important accomplishment of theyear.

‘The Ordinance allowed us to changeour name, create a new brand, and give ourmembers an internationally recogniseddesignation,’ he said. ‘It also officially putin place a host of regulatory reforms thatwill help safeguard Hong Kong’s reputationas an international financial centre.’

According to Mr Best, another worthydevelopment is that Hong Kong is now fullyconverged with international standards ofaccounting and ethics, signifying that HongKong’s accounting profession is nowaligned with international best practice.

The new president, vice-presidents to-gether with the chief executive and regis-trar met the media after the AGM to sharethe Institute’s vision and new directions in2005.

Composition of the Council 2005

Elected Members Edward KF Chow (President) FCPAPaul MP Chan (Vice-President) FCPAMark C Fong (Vice-President) FCPAAlbert SC Au FCPAMichael KH Chan FCPACho Lung Pui Lan, Stella FCPAWilson Fung FCPALeo CM Lee FCPADoug Oxley FCPADavid Tak-kei Sun FCPACarlson Tong FCPATsai Wing Chung, Philip CPAPaul F Winkelmann FCPAAmy WS Yung FCPA

Immediate Past President Roger Best FCPA

Appointed Members Edward Wai Sun ChengCK ChowPaul MY ChowSophia Kao

Co-opted Members Chew Fook Aun FCPASusanna Chiu FCPA

Ex-officio Members Gordon WE JonesRepresentative of the Financial Secretary,Government of the HKSAR

Lucia Li FCPADirector of Accounting Services,Government of the HKSAR

Chief Executive and Winnie CW Cheung FCPARegistrar

The new leaders meeting the press after theelection

The outgoing president Roger Best gave a vote ofthanks to fellow Council members, chief executive& registrar and numerous committee members forcontributing to the overall success of the Institute

New president Edward Chow (centre) with the twovice-presidents Paul Chan (left) and Mark Fong

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Profiles of the newly elected president, vice presidents andprominent laypersons appointed to Council

In accordance with provisions containedin the Professional Accountants(Amendment) Ordinance 2004, the chiefexecutive of the HKSAR has appointedfour prominent laypersons to sit onHKICPA’s Council for 2005. They are:Edward Wai Sun Cheng, Sir CK Chow,Paul MY Chow and Sophia Kao.

For members information the Instituteis pleased to introduce the newly-electedpresident, two vice presidents and thoselaypersons appointed to Council.

Mr Edward KF Chow (president)Mr Edward KF Chowis a fellow memberof the Hong KongInstitute of CertifiedPublic Accountantsand chairman ofChina InfrastructureGroup HoldingsPLC. He has been aCouncil member ofthe Institute since December 1996 and waselected vice president in 2002 and 2004.

Mr Chow is actively involved in theInstitute’s work. He has served as chair-man and deputy chairman of thefollowing committees and working groupsof the Institute:• Corporate Governance Committee

(chairman)• Professional Accountants in Business

Committee (chairman)• Corporate Communications Strategy

Steering Committee(deputychairman)

• Editorial Board (deputy chairman)• Ethics Committee (deputy chairman)• Expert Panel on Listing (deputy

convenor)• International Recognition Task Force

(deputy chairman)• Mainland Affairs Committee (deputy

chairman)Mr Chow also represents the Institute onthe following:• IFAC’s PAIB Committee• FSTB’s Corporate Governance

Working Group and the AdvisoryCommittee on Human Resources

Development in the FinancialServices Sector

• SFC’s Advisory Committee onInvestor Education

Outside of the accounting profession, MrChow serves the following organisations:• Chinese People’s Political

Consultative Conference – ZhejiangProvince (member)

• Election Committee of Hong KongSAR (member)

• Business and Professionals Federationof Hong Kong (vice chairman)

• Hong Kong Institute of Directors(deputy chairman)

• OECD/World Bank CorporateGovernance Roundtable (coremember)

Mr Paul MP Chan (vice president)Mr Paul M P Chanis a fellow memberof the Hong KongInstitute ofCertified PublicAccountants. He ismanaging partnerof Paul Chan &Partners. He hasbeen a Councilmember of theInstitute since December 1999 and waselected vice president in 2003 and 2004.

Mr Chan is actively involved in theInstitute’s work. He has served as chairmanand deputy chairman of the following com-mittees and working groups of the Institute:• Small and Medium Practitioners Com-

mittee (chairman)• Taxation Committee (chairman)• GAAP for Small Business Working

Group (chairman)• Member Innovation and Technology

Steering Board (chairman)• Mainland Affairs Committee (deputy

chairman)On the international scene, Mr Chan is amember of IFAC’s SMP Permanent TaskForce, IASB’s Advisory Panel on FinancialReporting by SMEs and in Emerging andTransitional Economies, and the HK-UKBusiness Partnership.

Outside the accountancy profession,he is chairman of Breakthrough Limited,a part-time member of the Central PolicyUnit of the HKSAR, a member of theBoard of Review (Inland Revenue), theTransport Advisory Committee and theBeat Drugs Fund Association. He is also asubject specialist of Hong Kong Councilfor Academic Accreditation and serves onthe advisory committee of a number ofuniversities/educational institutes. He isalso a member of the Chinese People’sPolitical Consultative Conference –Qingdao city.

Mr Mark C Fong (vice president)Mr Mark C Fong isa fellow member ofthe Hong Kong In-stitute of CertifiedPublic Accountantsand senior partnerof Moores RowlandMazars. He hasbeen a Councilmember of the In-stitute since December 1998.

Mr Fong is actively involved in theInstitute’s work. He has served as chair-man and deputy chairman of thefollowing committees and workinggroups of the Institute:• Ethics Committee (chairman)• Registration and Practising

Committee (chairman)• Continuing Professional

Development Committee (deputychairman)

• Small and Medium PractitionersCommittee (deputy chairman)

On the international scene, Mr Fong is amember of IFAC’s Ethics Committee. Heis also an executive committee memberof Moores Rowland International (MRI),and the chairman of MRI Asia Pacific.Mr Fong also serves as member of the Ad-visory Committee on Accounting andFinance of the Hong Kong PolytechnicUniversity, member of Election Commit-tee of Hong Kong SAR, and independentnon-executive director of two listedcompanies.

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11JANUARY 2005 THE HONG KONG ACCOUNTANT

Edward Wai Sun ChengMr Cheng is currently chief executive of USIHoldings Limited and the co-chairman of SUN-DAY Communications Limited.

Mr Cheng’s career spans more than 20years in business, law and finance. He gradu-ated from Cornell University with a bachelordegree in political science and economics,and Oxford University with a bachelor degreein jurisprudence and a master degree. He wasqualified as a solicitor in the United Kingdomand Hong Kong and spent some time with the London law firm,Slaughter & May, specialising in corporate finance and mergers andacquisitions.

In Hong Kong Mr Cheng worked with Hutchison’s Chinaoperations, setting up joint ventures and infrastructure projectsin the Mainland. At Wharf, he oversaw the finance, operations,mergers and acquisition of its hotel business in the US and AsiaPacific, and subsequently became the finance director and execu-tive director of Wharf.

Since 1995, Mr Cheng has founded and grown a portfolio ofnew businesses and brands in apparel, property, hospitality andtelecommunications, under USI Holdings and SUNDAYCommunications.

Mr Cheng has many years of public service experience in finance,housing, corruption prevention, technology and education. He isthe chairman of the Urban Renewal Authority, a member of theHong Kong SAR Government’s Steering Committee on Innovation& Technology, the Advisory Committee on Corruption of the Inde-pendent Commission Against Corruption, the Council of City Uni-versity of Hong Kong, and the Securities and Futures Commission’sTakeovers and Mergers Panel and the Takeovers Appeal Committee.

Sir CK ChowSir C K became the chief executive officerof Mass Transit Railway Corporation Lim-ited (MTRC) in December 2003.

Sir C K is a chartered engineer with aBachelor of Science degree in chemicalengineering from the University of Wiscon-sin and a Master of Science degree in thesame field from the University of California.He holds an MBA degree from the ChineseUniversity of Hong Kong and is a graduateof the Advanced Management Program of Harvard BusinessSchool. He was awarded an honorary Doctor of Engineering de-gree by the University of Bath.

From 1997 to 2001, Sir C K was chief executive of GKN PLC, aglobal manufacturing company based in the United Kingdom.Prior to joining MTRC, he was chief executive officer of BramblesIndustries PLC, a global support services company with dual list-ings in the United Kingdom and Australia.

Sir C K was knighted in the United Kingdom in 2000 for hiscontribution to industry.

Sir C K has been a non-executive director of Standard Char-tered PLC since 1997. In July 2004, he was appointed as chairmanof Standard Chartered Bank (Hong Kong) Limited. He is mem-ber of the Hong Kong Tourism Board and member of the Coun-cil of the Chinese University of Hong Kong.

Sophia Kao, JPA fellow member of the Hong Kong Instituteof Human Resource Management, Ms Kao leftfull-time employment in 1999 to become a vol-untary community worker. Her current pub-lic and community service includes thefollowing:• Women’s Commission – member• Community Investment and Inclusion

Fund Committee – member (AssessmentSubcommittee – chairperson)

• Advisory Committee on Social Work Training and ManpowerDevelopment – member

• Central Policy Unit – part-time member• Lingnan University – member of the University Council• United Christian Hospital – member of the Hospital Governing

Committee• Hong Kong Federation of Women – vice chairperson• Hong Kong Women Professionals & Entrepreneurs Association

– board member• YWCA – member of Audit Committee and Human Resources

Committee• Hong Kong International School – member of Human Resources

Committee• The Society of Hong Kong Academy of Performing Arts – joint

president• Action for Vision Eye Foundation Limited – director and mem-

ber of Executive Committee• Good Citizens Movement – member of Executive CommitteePrior to devoting her energies to community work, Ms Kao had over 25years experience heading the human resources function in companiesincluding the former Hong Kong Telephone Company Group/HongKong Telecom and the Hong Kong Airport Authority, where she wasthe director for human resources and administration until 1999.

Paul MY Chow, JPMr Chow was appointed chief executive ofHKEx in May 2003. In this capacity, he is alsoan ex-officio member of the board of HKExand chairman and director of various subsid-iaries of HKEx.

Mr Chow holds a Bachelor of Sciencedegree in Mechanical Engineering, a Di-ploma in Management Studies and an MBAdegree from the University of Hong Kong,and a Diploma in Finance (Distinction)from the Chinese University of Hong Kong. Mr Chow is also aDistinguished Fellow of the Hong Kong Computer Society.

Mr Chow was the chief executive of Hong Kong Securities Clear-ing Company Limited from 1989 to 1991. In November 1991, hebecame chief executive of the Stock Exchange until 1997 when hebecame chief executive, Asia Pacific ex-Japan Region of HSBC As-set Management (Hong Kong) Limited.

Mr Chow holds various Government committee and commu-nity appointments, including:

Member of the Digital 21 Strategy Advisory Committee of theGovernment of the HKSAR, the Advisory Committee of theSecurities and Futures Commission, the Standing Committee onCompany Law Reform, and the Council and the Court of the Uni-versity of Hong Kong. He is also a director of the Board ofCyberport Management Limited, and the Community Chest ofHong Kong. He has been a director of the World Federation ofExchanges since May 2003.

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The Hong Kong Institute of CPAs held itsannual dinner in the splendid surround-ings of the InterContinental’s ballroomon 25 November 2004.

Amidst a striking break fromtradition, guests were treated to a sump-tuous display and colourful decorationbased on the evening’s theme – ‘A Dashof Red’ originating from the Institute’snew brand. The event this year was alwaysgoing to be memorable if only because itwas celebrated under the new name ofHong Kong Institute of Certified PublicAccountants, but of course it was muchmore than that. As the then presidentRoger Best noted in his address to themore than 570 guests and the guest ofhonour Graham Ward, the newly electedIFAC president, annual dinners are,amongst other things, a time forreflection. HKICPA members had muchto be satisfied about as Mr Best re-counted some of the more significantachievements of the past year includingthe passing of the Professional Accoun-tants (Amendment) Bill in July 2004.‘This watershed event brought profoundchanges that will significantly strengthenthe foundations of the accounting andauditing profession in Hong Kong,’ hesaid before listing measures that hadbeen undertaken to win back public trustin a post-Enron business environmentthat included:

Annual Dinner 2004

• Increased lay representation at theCouncil level

• Created lay majorities and laychairpersons on the investigation anddisciplinary committees

• Divided investigations into public andnon-public interest categories

• Started the transition of the practicereview process from beingeducational to an integral part of theregulatory regime

• Agreed to establish a new statutorybody to oversee the investigations intothe audits of publicly listedcompanies, as well as the creation of aFinancial Reporting Review Panel

• And mandated continuingprofessional development

Setting out the Institute’s vision for 2005and beyond Mr Best said that the ‘profes-sion will need to move:• From serving clients’ interests to

serving the public interest first andforemost

• From the comfort of historical cost-based accounting to the economicreality of fair value accounting

• From market customisation ofaccounting, auditing and ethicalstandards to global convergence,because global market expect globallyconsistent benchmarks

Mr Best was happy to announce that fur-ther important developments for the

Institute and the profession would startfrom 1 January 2005, when Hong Kong’sfinancial reporting standards would befully converged with International Finan-cial Reporting Standards.

In recognition of the momentousachievements of the past year, the Institutewas delighted to welcome IFAC presidentGraham Ward as guest of honour. And hewas equally pleased to commend theHKICPA for its work past and present.

‘When I think about the Hong KongInstitute of CPAs, three words come tomind. Leadership. Professionalism.Dedication,’ he began. Mr Ward went onto praise the Institute warmly, saying ‘yourorganisation’s unwavering commitment toprofessionalism is exemplified in all thatyou do – from your qualificationprogramme for entry level students, to yourpromotion of high ethical and technicalstandards for all accountants, to your regu-latory initiatives. It is clear to IFAC, and Ithink, clear to the world, that the HKICPAis an organisation that both promotes andadheres to professional standards.’

Looking to the future of the globalaccounting profession Mr Ward lay downthe gauntlet by insisting that there arethree areas in which the profession mustchoose to act:• We must clarify and strengthen the

international profession’s publicinterest role

The then president Roger Best addresses guests at the Annual Dinner President of IFAC Graham Ward commends the HKICPA’s achievements in2004

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Diamond Award for the second successiveyear. The other two winners in this cat-egory were HSBC Holdings plc (PlatinumAward) and Li & Fung Ltd (Gold Award).

In the Non-Hang Seng Indexcategory, HKEx, Hysan Development CoLtd, and Standard Chartered PLC werewinners of the Diamond, Platimum andGold Awards respectively.

Airport Authority Hong Kong, the Se-curities and Futures Commission, andHong Kong Chinese Orchestra were theDiamond, Platinum and Gold Awardwinners, respectively, in the Public Sec-tor/Not-For Profit category.

Organised annually by HKICPA since2000, the Awards competition aims to en-courage voluntary disclosures in annualreports to shareholders that go beyondthe minimum legal and regulatoryrequirements, to set benchmarks for bestpractices and to acknowledge those com-panies and organisations that are takingmajor strides to improve their corporate

governance standards.For the 2004

Awards, the annual re-ports of 155 companiesand organisations werereviewed, a 19 per centincrease over the 2003competition.

Mr Jim wardell,chairman of the 2004Awards OrganisingCommittee said: ‘Weare happy with thegood response to thisyear’s competition andhappy also to see vari-ous ‘firsts’ this time.

One of the main purposes of the differ-ent categories is to facilitate comparisonsand identify role models amongst differ-ent peer groups. It was pleasing,therefore, to be able to select the firstDiamond Award winner in the new GEMcategory. It was also a welcome surpriseto be able to give an award, on merit, to asmaller government-funded organisationin the Public Sector/Not-For-Profitcategory.’

Mr Edward Chow, chairman of theHKICPA Corporate GovernanceCommittee, pointed out, ‘The judgesfound that, for the best organisations,corporate governance had become acore value’. He noted that they were, forexample, including more informationon directors’ remuneration in their an-nual reports and, in some cases, theemoluments of individual directors on anamed basis. Additional information onthe role, composition and operation ofgovernance committees was beingprovided.

Outstanding AccountantAmbassadors AwardsYear after year, Hong Kong’s accountingprofession has demonstrated its compas-sion for the less fortunate in our society.Last year six such members of HKICPAwere named Outstanding AccountantAmbassadors in the Institute’s Outstand-ing Accountant Ambassador Awards 2004,they were:• Executive chairman of Union Alpha

CPA Ltd Mr Lau Sai Yung• Assistant manager of KPMG Mr Lau

Wai Fat, Paul

Outstanding Accountant Ambassador Awards pose proudlywith Paul Tang (centre), Roger Best (fourth right) and KennedyLiu (fourth left)

• We must deliver quality in all we do• We must do all we can to support

development throughout theprofession worldwide

After the speeches, guests were treated toan excellent slideshow, which brought viv-idly to life the milestone achievements ofHKICPA during 2004.

Best Corporate GovernanceDisclosure AwardsThe presentation of the HKICPA Best Cor-porate Governance Disclosure (BCGD)Awards, has in recent years, provided aplatform for corporate governanceexcellence at the Institute’s annual dinner,and 2004 was no exception.

Media Partners International HoldingsInc became the first winner (DiamondAward)in the new Growth Enterprise Mar-ket (GEM) category of the BCGD Awards.

The Hong Kong Exchanges andClearing Ltd (HKEx) picked up twoawards – the Significant Improvement

Award and Diamond Award, in the Non-Hang Seng Index category. Otherfirst-time awardees were Johnson ElectricHoldings Ltd and PCCW Ltd (both forSignificant Improvement Award: HangSeng Index category), reflecting furtherprogress in corporate governance stan-dards in Hong Kong.

In the Public Sector/Not-For-Profitcategory, the Hong Kong ChineseOrchestra, competing in a category thatalso covers large financially powerfulcorporations, became the first publicsector organisation of its type to win anaward, claiming the Gold Award.

In the Hang Seng Index category,CLP Holdings Ltd was the winner of the

Proud winners of the BCGD Awards gather on stage with Panel Judges and IFAC presidentGraham Ward

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• Partner of PricewaterhouseCoopersMr Wan Kam To, Peter

• Managing director of Wong LamLeung & Kwok CPA Ltd Dr WongLung Tak, Patrick, JP

• Partner of S Y Yang & Company MrYang Chuen Liang, Charles, JP

• Financial planning manager of AsiaSatellite TelecommunicationsCompany Ltd Mr Yu Chak Kwan

The Judging Panel, which comprised thechairman of the Hong Kong Council ofSocial Service Hon Bernard Chan, JP(chairman), director of Social WelfareMr Paul Tang, JP, executive director ofthe Hong Kong Federation of Youth

Groups Dr Rosanna Wong Yick-ming, JP,Former LegCo representative of the Ac-countancy Functional Constituency DrEric Li Ka-cheung, JP, then president ofHKICPA Mr Roger Best, JP, and chair-man of HKICPA Community ServicesCommittee Mr Kennedy Liu (secretary),was most impressed by the exemplary,long-standing and dedicated voluntaryservices of the six accomplished Out-standing Accountant AmbassadorAwardees 2004. Many of them havespent their last 15 to 20 years initiatingand serving unceasingly in a wide arrayof voluntary projects for a variety of non-profit organisations spanning social

service, charitable, educational, rehabili-tation and environmental protectionsectors, etc, in addition to the HKICPAAccountant Ambassadors Programme.

All in all the Judging Panel ac-claimed the Awardees for their spirit ofgiving and devotion to serve selflessly inboth the Accountant AmbassadorsProgramme and external communityservice projects in contribution to thesociety at large. The Judging Panel mem-bers extended their heartiestcongratulations and recognition to allAwards winners.

The following are some of the memorable moments taken at the annual dinner:

Director of Audit Benjamin Tang, Winnie Cheung andHKICPA Council member Wilson Fung pose for the camera

Toasting a successful evening

IFAC president Graham Ward and Roger Best pose for the camerawith one of the costumed entertainers

Paul F Winkelmann (left), Edward Chow, IFAC president GrahamWard and Gordon Jones raise a glass for the future of HKICPA

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All styles of music were catered for at thisyear’s Annual Dinner

Director of Social Welfare andjudge of the OAA Awards Paul Tang

Albert Au and Susanna Chiu, chairmanand deputy chairman of the CorporateServices Committee, the event’sorganising body

Past presidents reunite

Council member Michael Chan adds colour tothe night by playing harmonica

2004 Council members and Mr Ward toasting for a prosperous New Year of the Hong Kong Institute of CPAs

Musicians add harmony to a splendid evening

Let’s rock and roll

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The Institute held a press conference on 9December 2005 to announce that, with thepublication of five Hong Kong AccountingStandards, the suite of financial reportingstandards applying in Hong Kong will befully converged with the International Fi-nancial Reporting Standards (IFRS) issuedby the International Accounting StandardsBoard (IASB) effective for financial report-ing periods that begin on or after 1 Janu-ary 2005.

The five Standards are: HKAS 17 Leases,HKAS 23 Borrowing Costs, HKAS 24 RelatedParty Disclosures, HKAS 31 Investments in JointVentures, and HKAS 40 Investment Property.

While the Hong Kong Financial Report-ing Standards (HKFRS) will be in all mate-rial respects fully converged with IFRS, itshould be noted that there is one remain-ing exception that applies only to HongKong companies in terms of which entitiesare regarded as being subsidiaries for thepurpose of preparing consolidated finan-cial statements. The issue, as regards thedefinition of ‘subsidiary’ in consolidatedfinancial statements, is the result of a dif-ferent definition being applied in the HongKong Companies Ordinance and is cur-rently being addressed in a Bill before theLegislative Council.

Commenting on the achievement offull convergence with the IASB’s standards,

Convergence of accounting standardscompleted

HKICPA Financial Accounting StandardsCommittee chairman Paul Winkelmannsaid, ‘This is a significant milestone in cor-porate financial reporting in Hong Kong.With Hong Kong companies - especiallythose companies with securities traded pub-licly - the investing public and other usersof financial statements will now have infor-mation that is regarded as being on a parwith international standards. This will fa-cilitate comparison with other companiesnot only in Hong Kong but in the manyother jurisdictions around the world thatapply the IASB’s standards. We hope thatpreparers and users of financial statementswill continue to embrace this change in thepublic good for Hong Kong.’

Global studyOn the international front, the Institutealso plays a key role. A global study led byits past president Peter Wong and commis-sioned by IFAC pointed out global chal-lenges and recommended action forachieving convergence to internationalstandards for financial reporting.

Released in Hong Kong in early Novem-ber 2004 at a press briefing presided overby Mr Wong and the Institute’s chief ex-ecutive and registrar Winnie Cheung, thestudy identified the following six primarychallenges:

1. The need for standards that can bemore easily translated and a high qual-ity translation to accommodate theneeds of non-native English speakers

2. Complexity and structure of standards3. Frequency, volume and complexity of

changes to the standards4. Challenges for small and medium-sized

entities and accounting firms5. The potential knowledge shortfall

among those responsible for imple-menting the standards

6. Lack of a universal understanding ofthe meaning of international conver-gence

‘There is no question that globally consis-tent and uniform financial systems wouldprovide cost-efficiencies to business andgreater safeguards to the public. This is thereason we are focusing on creating globallyconsistent standards. The study points outthat achieving this will need a concertedeffort from all those involved in the finan-cial reporting process,’ Mr Wong said.

Mr Wong’s team travelled extensivelyfor the project to conduct numerous focusgroup sessions and interviews and review anumber of responses to questions. The par-ticipants represented a broad range ofregulators, standard setters, preparers fromentitles of various sizes, auditors from largeand small accounting firms, and investmentprofessionals.

HKICPA past president Peter Wong (right) and chief executive & registrarWinnie Cheung introduce the IFAC’s global study on internationalaccounting standards convergence

HKICPA Financial Accounting Standards Committee chairman PaulWinkelmann (left) and the ex-technical director (financial reporting) SimonRiley, announce the completion of convergence of HKFRS with the IFRS

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The Institute held a press conference on3 December 2004 to announce its packageof proposals for the 2005/06 Budget entitled‘In Focus – The Core Strengths of HongKong’s Tax System’ submitted to FinancialSecretary.

Speaking at the press conference on be-half of the Institute were vice-president andTaxation Committee chairman Paul Chan,and technical director (business members &specialist practices) Peter Tisman.

The Institute pointed out that on therevenue side, the narrowness of the tax baseand reliance on direct taxes on profits andincome, the bulk of which were paid by avery small proportion of taxpayers, neededto be addressed.

The international trend is to move awayfrom direct forms of taxation towards con-sumption taxes, such as goods and servicetax (GST). The Institute believes that thisis also the right approach for Hong Kong.

The Institute’s recommendations alsoinclude a ‘tax amnesty’ that would allow thegovernment to collect more tax now andencourage greater compliance in the future.

Other proposed tax incentive mea-sures include concessions for regional of-fices that provide management andconsultancy services, group relief, a 50 per

Proposals for 2005/06 Budget

cent profits tax reductionfor a specified period forthe manufacturing sector,and abolish estate duty.‘Community measures’ in-clude incentives for em-ployers to recruit workerswho have been unem-ployed for a certain period,and increasing the ceilingon redundancy/severancepayments that are treatedas non-taxable by the IRD.

Regarding cutting pub-lic expenditure, the Institute suggests con-tracting out services, where appropriate,and expanding the ‘matching’ scheme,through which universities have succeededin raising significant private donations, toother sectors. Also more privatisations andbond issues can encourage efficiencies andgenerate revenue and/or improve controlover cash flow. The Institute cautions,however, that given Hong Kong’s agingpopulation, it is important that a means befound to fund healthcare services in thelong term.

At the press conference, the Institutealso voiced concerns about increasing un-certainty for businesses and investors,

arising from issues such as the taxation ofunrealised profits, the handling of off-shore profits and non-Hong Kong-employ-ment claims, and the ‘assess first, auditlater’ IRD approach.

‘Apart from low tax rates, clarity andcertainty are strengths of the system. If thesestrengths are compromised, Hong Kongcould lose some of its competitiveness in theregion. Our rivals are seizing the opportu-nity to lower taxes and offer incentives andconcessions,’ said Paul Chan.

The full package of proposals can beaccessed from the Institute’s website at www.hkicpa.org.hk/professionaltechnical/archived/budget_proposal_2005_2006.pdf.

HKICPA vice-president and Taxation Committee chairman PaulChan (right) and technical director (business members &specialist practices) Peter Tisman, announce the Institute’spackage of proposals for the 2005/06 Budget

IFAC praises Hong Kong accounting professionOn the invitation of the Institute, the newly elected InternationalFederation of Accountants (IFAC) president Graham Ward cameto Hong Kong to attend the HKICPA Annual Dinner as the Guestof Honour.

During his meeting with the press on 26 November 2004, hecommended the Hong Kong accounting profession for advanc-ing its regulatory framework and adopting internationalstandards, adding that such moves would lead to the economicdevelopment of the SAR.

Mr Ward said Hong Kong’s new accounting laws would bringfar-reaching reforms for the oversight of the profession and itsregulatory activities, and stronger corporate governance on thepart of Hong Kong listed companies.

He said Hong Kong’s convergence to international standards,completed on 1 January 2005, was another boon to the territory.

‘It’s well documented that high-quality accounting standardsensure the credibility of information upon which investorsdepend,’ Mr Ward said. ‘When that credibility is there, moneyand economic growth usually follow.’

IFAC president Graham Ward (centre) meeting the press together withthe Institute’s chief executive & registrar Winnie Cheung and the newlyappointed IFAC Board member Eric Li

Institute News


On behalf of the Institute, Edward Chow(president for 2005) (second left, back rowin the photo) attended the annual lun-cheon of the Board of Review (Inland Rev-enue Ordinance) in early November 2004.Attending the luncheon also included fi-nancial secretary Henry Tang (second left,front row), secretary for Financial Servicesand the Treasury Frederick Ma (secondright, front row), permanent secretary forFinancial Ser vices and the Treasur y(Treasury) Alan Lai (first left, back row),

Board of Review annual luncheoncommissioner of Inland Revenue Alice Lau(centre, back row), Board of Review chair-man Ronny Wong (centre, front row),deputy chairmen Anna Chow (secondright, back row), Kenneth Kwok (first left,front row) and Benjamin Yu (first right,front row), and member Wong Kwai-huen(first right, back row).

The annual luncheon provided a valu-able opportunity for the Institute to meetwith the Board of Review and the Govern-ment to discuss matters of common concern.

Visitor to theTaxation CommitteeThe HKICPA Taxation Committee receiveda visitor, Prof Richard Krever of DeakinUniversity, Australia on 23 November 2004.Issues discussed included the taxation sys-tems in Hong Kong and Australia as well asthe HKICPA budget proposals for the HongKong Government for the year 2005/06.On behalf of the Committee, deputy chair-man Yvonne Law presented a souvenir toProf Krever after the meeting.

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Institute News


The Hong Kong Institute of CPAs set upa booth at the World SME Expo (�� !"#$) organised by the HongKong Trade Development Council(HKTDC) on 16-18 November 2004, topromote the professional services of-fered by CPA practices in Hong Kong tolocal and overseas enterprises. Takingthis opportunity, members of the Small

World SME Expo

Gary Wong, HKICPA Project Director(Innovation & Technology) at the presentation

Free consultation services provided to a visitorThe Institute’s booth at the Expo

and Medium Practitioners Committee(SMPC) volunteered to provide free con-sultation service to visitors.

A 30-minute SME Service Presenta-tion entitled ‘The Difference BetweenP&L is often CPA’ �`m^�� !=��

�� !" was delivered by Mr GaryWong, Project Director (Innovation &Technology) to introduce the professionalservices that the CPA practices offer, aswell as the role of the Institute in assisting

the profession. The session also gave apreview of the Institute’s planned service,CPA Source - an online search engine tar-geting exclusively Hong Kong CPAs forprospective employers and customers.

HKICPA team participates in the fund raisingwalk of the Hong Kong Coalition of ProfessionalServices

Walk for CoalitionA team of more than 30 people comprisingHKICPA Council members, AccountantAmbassadors as well as their families andfriends, participated in the Hong Kong Coa-lition of Professional Services Fund RaisingWalk at the Peak on 28 November 2004.

Being an active member of theCoalition, the Institute was also a platinumsponsor of the event, which aims to developprojects for the exploration of mainlandand global opportunities for youngprofessionals, enhancing and upholdinghigh professional standards, and thoseprojects aimed at creating collective synergyfor professionals.

The Walk was officiated by the ChiefExecutive Tung Chee Hwa and Secretaryfor Justice Elsie Leung as well as the HonCY Leung, chairman of the Coalition.

Letters to the EditorDo you have any questions aboutthe accountancy profession?

Send your thoughts to the Editor,The Hong Kong Accountant,20/F Sunning Plaza, 10 Hysan Avenue,Causeway Bay, Hong Kong.Fax: 2520 6646e-mail: [email protected]

Your full name and address must be included for verification.Letters may be edited for sense and style.

Institute News


A Disciplinary Committee constituted un-der section 33(3)(a) of the ProfessionalAccountants Ordinance (the Ordinance)heard a complaint made by the PracticeReview Committee (the Complainant)against Mr. Chan Lai Cheung (membershipno. A05118), a professional accountant(subsequently a certified public accountantfrom 8 September 2004), on 26 August2004.

Mr. Chan is the sole proprietor of AlexChan & Company. After considering theaudit deficiencies identified during the sec-ond practice review of Mr. Chan’s auditpractice, the Practice Review Committeeconcluded that Mr. Chan failed or ne-glected to observe, maintain or otherwiseapply appropriate professional standards inhis audits of the financial statements ofthree companies. The Practice ReviewCommittee therefore lodged a complaint(the Complaint Letter) against Mr. Chanunder section 34(1)(a)(vi) of the Profes-sional Accountants Ordinance.

The Complaint Letter drew attentionto the following findings of significant au-dit deficiencies identified during the sec-ond practice review:

Disciplinary finding (a) The practice unit did not attendphysical stock-takes in the secondpractice review although theCommittee had recommended thepractice unit to attend client stock-takes in its report on the first practicereview.

(b) The practice unit performed inad-equate audit work in a file involving theaudit of construction contracts. Thepractice unit failed to address issuesconcerning revenue and profit recog-nition of individual contracts.

(c) The practice unit did not perform suf-ficient audit work for the profit and lossaccount items.

Upon hearing the complaint, the Disciplin-ary Committee was satisfied by the evidenceadduced before it that the complaint wasproved and that Mr. Chan failed or ne-glected to observe, maintain or otherwiseapply appropriate professional standards inbreach of section 34(1)(a)(vi) of the Ordi-nance in that in his audits of the financialstatements of three companies, Mr. Chanfailed or neglected to:(a) obtain sufficient appropriate audit evi-

dence to enable him to draw reason-able conclusions on which to base hisaudit opinion, thereby failing or

neglecting to maintain, observe or oth-erwise apply paragraph 2 of SAS 400‘Audit evidence’; and

(b) adequately document his work, therebyfailing or neglecting to maintain, ob-serve or otherwise apply paragraph 2of SAS 230 ‘Documentation’.

Having taken into account the evidenceand circumstances of the case, which in-cluded the extent of Mr. Chan’s lack ofappropriate audit work, his disregard forimprovement since the first practice reviewand the need to send a signal to Mr. Chanthat he has to follow professional standardsin conducting audits, the Disciplinary Com-mittee ordered that:(1) Under section 35(1)(b) of the

Ordinance, Mr. Chan be reprimanded.(2) Under sect ion 35(1)(c) of the

Ordinance, Mr. Chan do pay a penaltyof HK$200,000 to the Hong Kong So-ciety of Accountants (HKSA).

(3) The costs and expenses of and inciden-tal to these proceedings incurred by theComplainant and the HKSA be borneand paid by Mr. Chan.

The Council ordered that the findings ofthe Disciplinary Committee be publishedin the Institute’s journal referring to Mr.Chan by name.

The Professional Associations Cup was heldon 12 December 2004 at Stanley Ho SportsStadium, University of Hong Kong. It wasthe first football competition jointlyorganised by four local professional bodies:HKICPA, Hong Kong Dental Association(HKDA), Hong Kong Institute of Survey-ors (HKIS) and Hong Kong Medical Asso-ciation (HKMA).

Professional Associations Cup 2004A get-together before the final matches

Mr Albert SC Au, Council member andchairman of Corporate Services Committee, atthe opening ceremony

The kick-off ceremonyThe exhilarated HKICPA team members afterthe winning score

Institute News


HKICPA team and their supporters

Congratulations to the HKICPAteam which won the championshipafter two exciting matches. TheHKMA team missed narrowly and wonthe 1st runner-up award. HKDA andHKIS teams came third and fourthrespectively.

The Winners

Champion team • IRD

Runner-up team • KFS

Winning team of Special Award • 3+

Winning team of 9-Yard Kick Game • IRD

Top Scorers • Mr Lui Ming Leung(in the preliminary round) (a team member of IRD)

• Mr Ting Wai Man, Raymond(a team member of PAUFGA)

Speedy Scorer • Mr Ho Yan Kit(in the preliminary round) (a team member of BDO McCabe Lo & Company)

Inter-ProfessionalGolf Competition2004The 6th annual competition betweenHKICPA and the Hong Kong Medical Golf-ers Association (HKMGA) was held on 8December 2004 at Clearwater Bay Golf andCountry Club. The HKICPA team, formedby 20 elite golfers, won the competition.Congratulations!

Mr Fong Hup (right), convenor of the HKICPAgolf team, receiving the trophy

Twenty-two teams took part in the HKICPA2004 Football Competition. Matches in 7-a-side format were held between Octoberand December 2004 at the Kowloon TsaiPark or Junction Road Park. On 4 Decem-ber 2004, the two teams that reached thefinal competed for the Charles Mar FanCup and the third- and fourth-place teamsfor the Special Award.

A 9-Yard Kick Game was held on thefinal match day to add more fun to thecompetition. Mr Albert SC Au, Councilmember and chairman of Corporate Ser-vices Committee officiated at the prize pre-sentation ceremony.

HKICPA 2004 Football Competition

The representative from team IRD receivingthe Charles Mar Fan Cup from Mr Albert SCAu (left), the officiating guest

The runner-up team - KFSThe cheerful champion team - IRD with theirsupporters

Institute News


The HKICPA football team took part in acompetition hosted by the GuangzhouInstitute of Certified Public Accountants(GzICPA) in Guangzhou on 18 and 19

Team captains exchanging souvenir flags

Football Competition in GuangzhouDecember 2004. Two matches were playedand the GzICPA team won the championship.

This was the sixth year that a footballcompetition was held between accountants

The champion team – GuangzhouInstitute of CPAs – holding aloft the cup

The HKICPA team joined by Mr Kevin Yuen, deputychairman of Corporate Services Committee (CoSC) andMr Gabriel Tam, member of CoSC (fourth and first fromleft, 2nd row)

in Hong Kong and practitioners in theMainland. The event provides a very goodopportunity for our members to show theirteam spirit, as well as to meet their Mainlandcounterparts.

Come join as our TrainersThe Council is pleased to appoint thefollowing member practices and membersas our Authorised Employers (‘AE’) andAuthorised Supervisors (‘AS’) respectivelyto train future CPAs. If you or your practice

have not yet joined us as a trainer, pleasecomplete and return the relevant AE/ASapplication form which is available fromthe ‘Members – Registration Matters –Membership Registration – Admission

Requirements’ section in our website atwww.hkicpa.org.hk. You are most welcometo contact our Membership Section attelephone number: 2287 7228 for moredetails.

Authorised EmployersAppointment from 8 November 2004 to31 December 2009

PRICEWATERHOUSECOOPERS �� !"#$%&'(

Appointment from 2 December 2004 to31 December 2009

A HO SUNG & CO. =�� !"#

AGRICULTURAL BANK OF CHINA, HONG KONG BRANCH�� !"#$%&#

ALBERT WONG & CO. � �� !"#$

ANDREW HUNG & CO. �� !"#$%&

BLES & COMPANY==�� !"#

BRIGHT TALENT CONSULTANTS LIMITED = �� !"#$

C.C. TAM & COMPANY =�� !"#$%&

C.F. CHU & CO. =�� !

C.K. KONG & CO. �� !"#$

C.K. LIU & COMPANY �� !"#$%&

C.T. CHIU & CO. =�� !"#$%&

CATHERINE CHEUNG & CO. �� !"#$%&

CHAN & LEE C.P.A. CO. LIMITED �� !"#$%&'()

CHAN AND CHAN =�� !"#$%

CHAN CHAK CHUNG & CO. =�� !"#$%&

CHENG, KWOK & CHANG �� !"#$%&

CHEUNG KAM SING & CO. =�� !"#$%&

CLEMENT C. W. CHAN & CO. – CERTIFIED PUBLIC ACCOUNTANTS(PRACTISING) �� !"#$%&

CONPAK AND COMPANY �� !"#$%

DOUGLAS CPA & CO. �� !"#$%

F.S. LI & CO. �� !"#$%&

FAN, CHAN & CO. �� !"#

FERRIER HODGSON LIMITED �� !"#$

Institute News


Appointment from 2 December 2004 to 31 December 2009 (continued)FOK & CHAN CPA LIMITED �� !"#$%&'()

FRANK HO & CO. �� !"#$%&

FRANK R. MULLENS & CO.

FUNG LAU & CO. �� !"#$

GEORGE YU & COMPANY �� !"#$

GRANT THORNTON =�� !"#

H.H. LAM & CO. �� !"#$

H.T. WONG & CO. �� !"#$%&

HELEN KUN & CO. �� !"#$%&

HERMAN H.Y. NG & CO. �� !"#$

HLM & CO. �� !"#

HO, SNEDDON, CHOW, C.P.A. LIMITED �� !"#$%&'()*

HONG KONG BAPTIST UNIVERSITY =�� !"#

HORWATH HONG KONG CPA LIMITED

HUA QIN & CO CPA =�� !"#$%

JACK C.Y. YIM & CO. =�� !"#$%&

JAMES NGAI & PARTNERS CPA LIMITED �� !"#$%&'()*

JENNINGS T.H. WONG & COMPANY �� !"#$

JOHN K.H. LO & CO.==�� !"#$%&

K P LAW & COMPANY �� !"#$%&

K. M. CHAN & COMPANY =�� !"#$%&

K.F. LEUNG & CO. �� !"#$%&

K.K. YAM & CO. �� !"#$%&

K.W. CHUA & CO. �� !"#$%&

KAM CHING YU CPA LIMITED �� !"#$%&'(

KELVIN CHONG & PARTNERS �� !"#$%&

LAM & CHUI CPA LIMITED �� !"#$%&'

LAU CHAN AND COMPANY �� !"#$%&'()

LI, TANG, CHEN & CO. =�� !"#$%&

M.T.L. PANG & CO. �� !"#$%&

MICHAEL YAM & COMPANY =�� !"#$

NESTLE HONG KONG LTD. �� !"#$%

OLIVER WONG & COMPANY =�� !"#$%&

PANG, CHENG & CO. =�� !"#$%

PHILIP P.L. CHOI & CO. =�� !"#$

PHILIP POON & PARTNERS CPA LIMITED �� !"#$%&'(

PY CHIU CPA LIMITED =�� !"#$%&'(

RUBY C. Y. SIU & CO. =�� !"#$%&

S.K. PANG & COMPANY =�� !"#$%&

SECURITIES AND FUTURES COMMISSION �� !"#$%&'()

STELLA W.M. KWOK & CO. �� !"#$

STEPHEN W.B. CHAN CO., LTD. �� !"#$%&'()*

STEVEN LI & CO. �� !"#$

SUZANNE WONG & CO. �� !"#$

T.M. HO SO & LEUNG CPA LIMITED�� =�� =�� !"#$%&'(

T.N. LUI & CO. �� !"#$%&

T.S. LAM & CO. �� !"#$%&

TING HO KWAN & CHAN �� !"#$%

TYRONE CHIU C.P.A. LIMITED =�� !"#$%&'()*

UNION CPA LIMITED �� !"#$%&'()

VINCENT LAM AND COMPANY �� !"#$

VINCENT MAK & COMPANY �� !"#$

VISION C.P.A. LIMITED �� !"#$%&'

W.K. MAK & CO. =�� !"#$%&

W.M. YUEN & COMPANY =�� !"#$%&

W.S. WONG & CO. �� !"#$

WALLACE KO & CO. =�� !"#$%&

Y. M. HON & CO. =�� !"#$

Y.F. PANG & CO. �� !"#$%&

CorrigendumIn the November issue under the ‘New registrations’, there was a typographical error in the name of the sole proprietor of the firmBENSON CHAN & CO., CERTIFIED PUBLIC ACCOUNTANTS (PRACTISING) �� !"#$%, the correct name of the soleproprietor should read Chan Kwok Hong instead of Chan Kwok Hung.

Institute News


Mr. BEATTIE, Richard Montgomery

Mr. CHAN, Chi Bor*

Mr. CHAN, Chiu Yin, Michael*

Mr. CHAN, Kai Kwok

Mrs. CHAN, Kam Yan, Eliza*

Mr. CHAN, Kin Chung

Ms. CHAN, Mi Har

Miss CHAN, Wai Man*

Mr. CHAN, Wang Kei*

Miss CHAN, Wing Yan

Mr. CHEN, Mau Wai, William

Mr. CHIEN, Hoe Yong, Henry

Mr. CHING, Chun Chung*

Mr. CHOI, Ho Yin

Mr. CHOI, Yi Kwong

Miss FAN, Chi Fun

Mr. FONG, Fu Yin, Albert*

Mr. FUNG, Ho Yin

Mr. FUNG, Kun Cheong*

Miss FUNG, Wai Wah

Mr. FUNG, Yiu Fai*

Mr. HO, Chi Wai

Mr. HO, Chi Wai, Terence

Mr. HO, Hin

Mr. HO, Wai Keung

Ms. HO, Yuen Pik, Stella

Mr. HUI, Tat Yan

Authorised SupervisorsAppointment from 2 December 2004 to 31 December 2007

Ms. HUNG, Lo Shan, Lusan

Mr. IP, Chak Lam

Mr. KAM, Chi Kan, Elson*

Ms. KAM, Man Yi, Margaret

Ms. KAN, Pui Yan

Miss KONG, Chai Ying*

Mr. KONG, Muk Yin

Ms. KWAN, Kam Sau, Denise

Mr. KWOK, Ka Yiu*

Ms. KWOK, Pik Lin*

Mr. KWOK, Siu Nam, Dave*

Ms. KWOK, Wing Mei, Stella*

Miss KWONG, Hang Fong, Janet

Miss LAI, Fung Choi

Miss LAM, Chi Tung, Becky

Mr. LAM, Kwing Yung

Mr. LAM, Sing Hung*

Mr. LAM, Wai Pong

Mr. LAM, Yuet Wah

Mr. LAU, King Tang

Ms. LAU, Wing Shan*

Mr. LAW, Chi Yuen

Mr. LEE, Chuen Kei*

Miss LEE, Hok Kwan, Doris

Mr. LEUNG, Chi Tat

Miss LEUNG, Chui Wan

Ms. LEUNG, Kwok Yi, Jo

Mr. LEUNG, Ming Fai

Miss LEUNG, Wai Yee, Winnie

Mr. LI, Fat Chung*

Mr. LI, Siu Hong*

Mr. LI, Wing Sum, Steven*

Mr. LI, Yuk Yu, Edwin*

Mr. LO, Chi Yuen

Mr. LO, Kam Fat*

Mr. LO, Kok Wai

Miss MA, Chui Sze

Mr. MA, Ho Wo

Mr. MA, Kwok Hung

Mr. MAK, Yuk Tong, Garrick

Mr. MAN, Wai Chuen

Mr. MOK, Pui Hong

Ms. MOK, Sau Man, Joanna

Mr. NG, Hoi Yue, Herman*

Mr. NG, Par Gain

Mr. NG, Siu Hong

Mr. NG, Siu Ping

Mr. NG, Tsz Wing

Mr. POON, Chun Shing, Edwin

Mr. POON, Kwok Wah, Allan

Mr. POON, Wang Cheong*

Mr. SIU, Kai Lau, James

Mr. SO, Tak Kwong

Ms. SO, Wai Yin

Mr. SUM, Wai Man*

Mr. SZE, Wing Kin, Pierre

Ms. TAM, Yin Ling

Mr. TANG, Ka Ming, Nelson

Mr. TONG, Ka Wing, Carl

Mr. TSE, Ping Shing

Ms. TSOI, Ching Wan

Mr. WAN, Sai Kit, Ricky

Miss WAN, Wing Sze, May

Mr. WONG, Ka Keung

Mr. WONG, Lui

Mr. WONG, Rex Josephat

Ms. WONG, Sau Wai, Sophia*

Mr. WONG, Shiu Kee*

Mr. WONG, Wan Hing

Mr. WU, Kwok Lam

Ms. XIA, Xiaoyan

Mr. YAN, Wing Cheung

Mr. YAU, Ka Fai*

Mr. YEUNG, Kai Cheung, Patrick

Mr. YEUNG, Shun Kee, Edward

Ms. YEUNG, Siu Hung*

Mr. YEUNG, Tin Ming*

Mr. YIU, Hon Lam*

Ms. YUEN, Suk Ching*

* Practising certificate holder for 2005

Institute News


Corporate Practice Name of Directors

ACCULES CPA LIMITED Cheng Sing Wai�� !"#$%&'() Hong Kin Choy

ERIC NG C.P.A. LIMITED Ng Kwok Wai, Eric�� !"#$%&'()* Lau Tsui Chu

(Non-Member Director)

HOPKINS CPA LIMITED Lam, Albert Man Sum�� !"#$%&'() Ngai Wai Chung

KATON CPA LIMITED Lee Kit Wah�� !"#$%&' Mo Mang Ping

(Non-Member Director)

VENTURE PARTNERS CPA LIMITED Cheung Ching Ching, Daisy�� !"#$%&'() Kwong Chi Kit, Victor

VICTOR LING & PARTNERS Ling Kam Tong, Victor(C.P.A.) LIMITED Ling Chi Kin, Joseph

�� !"#$%&'()*

Early closingThe Institute’s office and library will close at 4pm on 8 Feb-ruary 2005 for the Lunar New Year’s eve.

New registrationsThe Council recently approved the registration of the followingcorporate practices effective in November and December 2004:

Firms Removal Date

ALEX C.K. CHEUNG & CO. 31 December 2004�� !"#$

GARETH Y.S. TANG & CO. 1 January 2005�� !"#$%&

JOSEPH S.T. YU & CO. 1 January 2005�� !"#$

K.Y. YEUNG & COMPANY 16 December 2004�� !"#$%&

KAN, IP & CHENG 12 October 2004�� !"#$%&

LO YUN KUN & CO. 1 January 2005�� !"#$%&

LUK WAI CHEUNG & CO. 1 January 2005�� !"#$%&

M K HO & COMPANY, CERTIFIED 16 December 2004PUBLIC ACCOUNTANTS

J. NGAI, CHAN & CO. 1 January 2005�� !"#$%&'()*

TAI, KONG & COMPANY 31 December 2004�� !"#$%

W. F. PUEN & CO. 31 December 2004�� !"#$%&

YEUNG CHI HUNG & CO. 31 December 2004�� !"#$%&

Corporate Practice Removal Date

HO & IP CPA LIMITED 16 December 2004�� !"#$%&'()*+,-

Removal of CPA PracticesThe Council recently approved the de-registration applicationsfrom the following member practices and their names have beenremoved from the Institute’s register:

Statistics updateAs of 15 December 2004, the Institute’s statistics were as follows:

22,837 Members

3,369 Practising Certificate Holders

1,114 Firms

164 Corporate Practices

CorrigendumIn the Outstanding Accountant Ambassadors Awards pamphlet distributed at the annual dinner, the title of Lai Ka Yin, Elie,nominator of awardee Lau Wai Fat, Paul was wrongly quoted as senior partner of KPMG. Ms Lai’s correct title should be seniormanager of KPMG. The Institute offers its sincere apologies for any inconvenience caused.

Institute News


Outstanding performer of theJune 2004 ExaminationsProfessional BridgingExaminationsNg Luk PanMr Ng graduated from the University ofHong Kong, majoring in Mathematics.He completed all four papers of the Pro-fessional Bridging Examinations in onesitting in the June 2004 diet. Due to hisoutstanding performance, he has beenawarded the scholarship granted by theHong Kong Institute of Certified PublicAccountants (HKICPA) to study the CPAQualification Programme (CPA QP). He isnow an IT/Audit Supervisor at CatherineCheung and Company.

Accounting Technician ExaminationsChan Kwok YuengMr Chan is the first graduate to pass all eightpapers at one sitting. He registered with theAssociation in July 2003 and was sitting theAccounting Technician Examinations forthe first time. He is now studying for theDiploma in Accounting Studies at the HongKong School of Commerce.

Study Buddy GroupThe Association organised the first StudyBuddy Group for the Accounting Techni-cian Examinations Papers 5 – 8 in Decem-ber 2004 Diet. It was aimed at introducingstudents who are taking the same paper toeach other so that they could form a smallstudy group to help, support and motivateeach other in learning and understandingthe various topics of a specific paper.

Around 159 applications were received.Students who took the same paper werethen grouped together. For each paper, stu-dents were further divided into groups of4 – 5 members according to their residen-tial addresses. A first meeting of the StudyBuddy Group was held by the Associationto introduce students to each other on 18September 2004. During the meeting, stu-dents were encouraged to formulate a studyplan with their members. After themeeting, students then ran their studybuddy groups by themselves. A co-ordinatorwill follow up with the leader of each groupto check its progress. Many groups are nowrunning smoothly in preparation for theirexaminations.

HKAAT news

Student Orientation ProgrammeThe first Student Orientation Programmefor new students who joined the Associa-tion in 2004 was organised on 25 Septem-ber 2004, from 2:00 pm to 4:00 pm at theAssociation’s multi-purpose room. TheOrientation aims to introduce to newstudents: (i) the roles of being an HKAATstudent; (ii) relationship between HKICPAand HKAAT; and (iii) the Association’s

Mr Jon Chau shared his joy in joining the Association’sactivities and his experience in preparing theexaminations.

examinations and student ser vicesprovided. Around 40 applications werereceived.

The orientation was divided intoparts. At the beginning, participants hada chance to make friends with those withsimilar goals during the refreshment andgame section. In the sharing session, atop student and some AAT graduates andstudents gave much valuable advice andrecommendations and shared their ex-amination experience with the newstudents. Finally, student benefits andactivities were introduced to theparticipants. Participants enjoyed an in-

formative and fun Saturday afternoon.Most of them said that the orientationhelped them learn more about the Asso-ciation and would recommend other stu-dents to join the orientation in future.

The Association would like to take thisopportunity to thank Mrs Christine Leungand Ms Winnie Kwok from the Student Af-fairs Committee, Messrs Jon Chau (AATgraduate), Ronald Ling (AAT graduate)and Ms To Wing Yi (top student) for theirkind support.