| Q1. |
What is the deadline for transferring from the JES to QP for students
who have passed or are exempted from 10 papers or more under JES?
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| Ans. |
On 1 January 2002, JES students who have passed or are exempted
from 10 papers of more, will be automatically transferred to the QP student
register. No further application is necessary. The upcoming QP session
starts on 1 March 2002. The closing date for enrolment for the March 2002
intake is 31 January 2002. Enrolment details will be sent out to you in
December. You can also download the enrolment form from the Institute's
homepage: http://www.hkicpa.org.hk/students/prof_accountant/index.php, or
obtain it by fax request to 25289000 or at the Institute's counters.
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| Q2. |
What conversion routes are available for other students who are not
yet eligible for direct entry into the QP?
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| Ans. |
Transitional arrangements have been set up for JES students to complete
additional study to meet the QP admission requirements. JES students have
a choice of completing bridging programmes which have been accredited
by the Institute. These include Conversion Programmes, some leading to Master
degrees, for non-accountancy degree holders and Foundation Programmes
for sub-degree holders. In addition, the Institute has announced an alternative
route to meet QP admission requirements specially established for JES
students - Transitional Examinations. The Transitional Examinations will
be offered from June 2002 diet until December 2004 diet. The details are
contained in the circular to all students date 15 August 2001 or http://www.hkicpa.org.hk/students.
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| Q3. |
Can I still remain on HKICPA Students' Register even if
I do not take the HKICPA Examinations after 31 December 2001?
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| Ans. |
Your student status with the Institute will not be affected
as long as you continue to pay the annual subscription and are not removed
due to disciplinary reasons. However, if you are to be removed from the
HKICPA register due to non-payment of fees, you will not be able to enjoy
the transitional arrangements for admission into the Institute's Qualification
Programme (QP) specially offered to JES students.
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| Q4. |
Is there any difference between the JES and QP regarding
the practical experience requirement for admission to HKICPA membership?
Is there any change to the work experience requirement for applying
for a Practising Certificate (PC) for those qualified through the QP?
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| Ans. |
The practical experience requirements for HKICPA membership
are the same for those who qualified through QP or JES. That is, 3 years
for recognised degree holders, 4 years for recognised accountancy diploma
holders and 5 years for other qualifications.
With regard to the work experience requirement for PC purpose, there
is no change to the practical experience requirements. That is, they
are the same for those who qualified through QP or JES. However, for
those who qualified through QP, they will take the shortest route to
qualify as a CPA (Practising) as they are exempted from all PC Examinations. The
content of the PC Examinations are already incorporated into the QP.
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| Q5. |
If I have completed the 14 JES papers, do I have to pass
PC-Tax and PC-Law in order to join HKICPA as a member?
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| Ans. |
No, for applying for membership. The PC Examinations apply
to those who wish to apply for a PC. For these members or JES graduates
who wish to apply for a PC, they will have to sit for the PC examinations
if they have not sat and passed the relevant Tax, Law or Auditing papers
under the JES.
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| Q6. |
Do I have to take the PC exams if I have completed the ACCA Hong
Kong variant law paper?
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| Ans. |
Yes, for those who have completed the ACCA Hong Kong variant law paper
after December 2001 will still have
to sit for the PC-Law in the PC Examinations of HKICPA.
As for the QP, students are exempted from all PC examinations. With
the appropriate auditing experience, you can become a CPA (Practising). Why don't
you keep your career option open?
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| Q7. |
For those JES students who already passed the 14 papers in JES, do
they still need to take the QP?
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| Ans. |
To apply for membership, an applicant should have completed the Institute's
professional examinations and have met the relevant accountancy practical
experience requirement. From 1999 to 2001, the Institute runs two professional
examinations - the QP and the JES. By completing either QP
or JES, a prospective member can satisfy the professional examinations
requirement and therefore there is no need to take the QP after completion
of JES.
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| Q8. |
I am taking the Association of International Accountants (AIA) examinations.
Will I be exempted from taking the QP when applying for HKICPA membership?
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| Ans. |
There are currently 14 overseas accountancy bodies that are recognised
by the Institute's Council for exemption from the professional examination
requirement purpose. You have to be a full member of any of these accountancy
bodies and have already completed their examinations to be eligible for
exemption from the professional examination requirement of HKICPA. AIA is
one of these overseas accountancy bodies. Council however has announced
that it will undertake a review of the other 12 overseas accountancy bodies
for the purpose of negotiating mutual recognition.
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| Q9. |
I am a CGA graduate. Will I be exempted from taking the QP when applying
for HKICPA membership?
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| Ans. |
CGA is not one of the 14 overseas accountancy bodies that
are currently recognised by the Institute. Therefore, you have to meet the
entry requirement for QP admission and complete the QP if you wish to
apply for HKICPA membership.
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| Q10. |
Will I be entitled to any exemptions in the Chinese Institute of
Certified Public Accountants (CICPA) Examinations if I qualified through
the QP?
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| Ans. |
No. CICPA currently does not offer any exemptions for their
professional examinations.
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| Q11. |
Will I be able to directly obtain ACCA member status upon completion
of QP? |
| Ans. |
In May 2000, the Institute signed Mutual Recognition
Agreements (MRA) with ACCA and CPA Australia. These enable HKICPA members
who have completed the QP to apply membership of the respective bodies. And this agreement will be received in 2005. |
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| Q12. |
Can I apply for a direct entry to the QP if I hold an overseas accountancy
degree? |
| Ans. |
Possibly yes. The HKICPA QP requires its registered students to have
acquired an accountancy degree or its equivalent. For overseas accountancy
degree holders, the Institute will assess your degree for direct admission
based on a case by case basis. In principle, the degree should be a recognised
degree and cover seven accounting sub-disciplines which include Financial
Reporting, Management Accounting, Financial Management, Auditing, Taxation,
Information Technology and Business and Company Law. Should you be required
to make up any missing or lacking sub-discipline(s), you will be normally
be advised to do so through taking single subjects in one of the accredited
accountancy programmes or through a Conversion Programme if the shortfall
is substantial.
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| Q13. |
I have passed 9 papers under the JES including 1 exempted paper in
the Professional Stage. Some time ago I sat two papers in Module E and
passed just one of them. Will this pass be counted so as to meet the 10-paper
transfer requirement for direct entry to the QP?
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| Ans. |
Yes. But it should be noted that this pass in Module E should be obtained
in no earlier than December 2000 Diet in order to be valid. If it is obtained
before December 2000 diet, we may consider your application on a case
by case basis.
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| Q14. |
How many attempts are allowed for each Module? Can I take a break
after completing a module, rather than to enrol for each module session?
Can a Module be skipped for a few years?
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| Ans. |
In addition to the 10-year time limit to completing the QP, there
are also time limits for taking each QP Module and the Final Professional
Examination (FPE). The objective is to help you focus your study and
achieve your career goals. For QP modules, you will be given four attempts
or five years from the date of first sitting to complete each module.
For the FPE, it is four attempts or three years to complete. You may
however apply to Council for extension of any of these time limits.
QP offers the flexibility to enable candidates to take breaks during
the course of study. So long as the candidate remains on the QP student
register and observe the aforementioned time limits, he or she can choose
a timing that is most suitable to sit the QP Modules and the FPE.
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| Q15. |
I understand that the QP module is composed of four workshops and
a module examination. Do I have to take the whole module again if I passed
only the workshop component but failed the module examination?
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| Ans. |
No. You need to re-sit only the component that you failed,
i.e. module examination in this case.
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| Q16. |
Will special consideration be given to candidates who missed the
QP examination due to illness or business trips?
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| Ans. |
Candidates may apply for special consideration. Generally,
for reasons that are foreseeable, such special consideration will not
be entertained. So do plan ahead when you enroll for a particular module
or examination.
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| Q17. |
Can I get exemption from Module D (Taxation) if I have already passed
the Tax papers (Paper 11H) in the JES?
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| Ans. |
No. All QP Modules are core modules. This means that no exemption will
be given to any one of them.
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| Q18. |
What is the pass requirements for the Module Workshops and the Module
Examination? |
| Ans. |
A QP Module assessment comprises four workshops and the module examination.
The module workshop assessments will account for 20 per cent of the
overall assessment for a module whilst the module examination accounts
for the remaining 80 per cent. The respective pass requirements for
the Module Workshops and the Module Examination are as follow:
| · |
A minimum of 50 per cent of the workshop assessment
marks; and |
| · |
A minimum of 50 per cent of the module examination
marks. |
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| Q19. |
How are groups within the workshops formed?
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| Ans. |
Each workshop group comprises about 20 students led by 2 workshop facilitators
who are experienced members. The workshop facilitators will divide the
workshop group into five sub-groups of 4-5 members each with a good mix
of student background to facilitate discussion, team work and development
of generic skills as well as technical knowledge.
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| Q20. |
Are workshops and workshop presentations conducted in English?
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| Ans. |
The official language medium for workshops is English. Candidates are
expected to speak and give individual presentations in English when addressing
the whole workshop group. However, Chinese is allowed for discussions
within the sub-groups. |
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| Q21. |
When are Module Workshops normally held? Will make-up workshop session
be arranged in case the student misses it?
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| Ans. |
Workshops will be held during weekday evenings or Saturday/Sunday
mornings, afternoons and evenings. Workshop dates will be publicised
well in advance in Module Enrolment Form, the Institute's Journal as well
as the Institute's homepage, to enable candidates to plan ahead.
Candidates who are prevented, by illness or misadventure, from attending
a workshop may apply for special consideration by the HKICPA. Only in
very special circumstances, the HKICPA may arrange for a candidate who
missed a workshop session to make up at a temporary group, if it can
be arranged. A written request for the transfer must reach the Institute
at least 5 working days before the scheduled workshops and also an administrative
charge of $250 has to be paid for each request.
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Q22.
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Where can I go to have a look at the CLP?
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| Ans. |
Ans CLPs are available for perusal at the Institute's Library situated
on the 17th Floor of Belgian Bank Tower in Wanchai. CLPs are also available
for sale at the Institute's service counters at $500 for HKICPA member/student
and $650 for non member.
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| Q23. |
Will the Candidate Learning Pack (CLP) cover all the study material?
Is extra research required for workshop preparation?
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| Ans. |
On commencement of a module you have enrolled, you will receive
a CLP that provides all the guidance necessary to complete the module.
However, it is not intended to be a know-it-all pack as one of the QP
objectives is to develop your research skills. You are required to research
on relevant areas on top of the background reading for updates of standards,
legislation and texts to prepare for the workshops.
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| Q24. |
What is the time interval between the four Module Workshops and between
the final workshop and the Module Examination?
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| Ans. |
A QP Module usually lasts about 15 weeks with the Module Examination
being held normally on the 16th week. The first module workshop will usually
be held on the 3rd week after module commencement date, whilst the remaining
three workshops will be held about 3 or 4 weeks from the previous one.
This time spread will give students sufficient time to prepare for each
workshop. Candidates should always refer to the exact workshop dates that
are publicized in advance in Module Enrolment Form, the Institute's Journal
as well as on the Institute's web page.
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| Q25. |
What is the FPE? Is the study material same as the four PP Modules?
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| Ans. |
FPE will conclude a QP candidate's professional examination requirement
for the HKICPA membership. After successful completion of the four QP
modules, candidates are eligible to take a six-hour open-book FPE. This
is taken in two sessions of three hours each, with half-an-hour given
to reading time. The FPE covers the four QP Module syllabuses and will
test candidates' ability to deal competently with professional-type
situations, involving the integration and application of knowledge and
skills from any part of the four modules and across all areas of competency.
To pass, a candidate has to demonstrate a level of skills and knowledge
appropriate for a competent practitioner. The format is as follows:
| Session I comprises : |
- A Case Study |
75% |
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- An Essay |
25% |
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| Session II comprises : |
- 1-3 Case Studies |
75% |
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- An Essay |
25% |
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| Q26. |
What is the examination fee for a QP module?
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| Ans. |
The enrolment fee for the four QP Modules is $3,500 each. No extra
module examination fee is required. Should a candidate pass the workshop
component but fail the module examination, he needs to re-sit only the
module examination at a subsequent session and pays only $1,300 examination
fee for the module. On the other hand, should the candidate pass the module
examination component but fail the workshops, he needs to re-sit only
the workshop component by paying just $3,000. In either case, an update
CLP will be provided.
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