Institute news

09/28/2020


Refined contingency plan announced for December 2020 QP session

The Institute this month announced the refined contingency plan for the December 2020 Session of the Qualification Programme (QP). The decision came following QP students expressing their views with the Institute and thorough deliberations. 

The contingency plan has been set up to maintain the date of the Final Examination on 22 November. This is less than 10 days before the original schedule and allows for two reserve dates should the November date no longer be feasible. Meanwhile the Module Examinations (Modules A-D) will be held on 28 and 29 December.

The Institute devised the contingency plan to ensure this examination session can go ahead amid the changing COVID-19 situation. It aims to continue developing Hong Kong’s accounting profession while balancing the needs of stakeholders.

To assist enrolled students, the Institute will provide additional support, including organizing a series of free module preparation and examination technique seminars. A new online information portal for the examinations is now live, and provides the latest information on the examinations and workshops, frequently asked questions and enquiry information, as well as links to study materials and webcasted seminars.

Members and students can refer to the email sent to them regarding the refined contingency plan for more details. 

Membership renewal for 2021

The 2021 renewal notice will be emailed to members and practice units in mid-November. Members are required to pay their annual fee and submit their continuing professional development declaration to renew their membership for 2021. If necessary, members can update contact details via the Institute’s website or opt in for hardcopy renewal notice by 
31 October. 

Practice units will also only receive a hardcopy renewal notice on request if they opt in by 31 October.  

New video on Strategic Plan 2020-2022 launched

Members can now watch the new video introduction to the Institute’s Strategic Plan 2020-2022, featuring Institute President Johnson Kong and Chief Executive and Registrar Margaret Chan, to learn about the strategic objectives and related initiatives set out in the plan.

Council meeting minutes

The abridged minutes from the July Council meeting are now available for members to read. They can be found in the “Members’ area” of the Institute’s website. 


Resolution by Agreement

Ng Tsz Wing, CPA

Complaint: Failure or neglect to observe, maintain or otherwise apply the fundamental principle of professional competence and due care in sections 100.5(c) and 130.1 of the Code of Ethics for Professional Accountants.

Ng issued an accountant’s report for a solicitor’s firm under the Accountant’s Report Rules (Cap. 159A). In conducting the reporting engagement, he failed to comply with the rules and the Institute’s Practice Note 840 (Revised) Reporting on Solicitors’ Accounts under the Solicitors’ Accounts Rules and the Accountant’s Report Rules. The deficient procedures related to obtaining bank certificates for client accounts, circularizing client ledger accounts, and documenting evidence of the firm’s monthly reconciliation of balances of client accounts.

Regulatory action: In lieu of further proceedings, the Council concluded the following action should resolve the complaint:
1. Ng acknowledges the facts of the case and his non-compliance with professional standards;
2. Ng be reprimanded; and
3. Ng pays an administrative penalty of HK$50,000 and costs of the Institute of HK$15,000.


Details of the Resolution by Agreement are available at the Institute’s website.