HKFRSs Year End Update

Group and Treasury Share Transactions and Service Concession Arrangements - HK(IFRIC) Interpretations 11 and 12

Fair Value Measurements Discussion Paper

Proposed New Audit Independence Requirements

The New Audit Report Standards - HKSA700 & HKSA701

Financial Reporting Review 2006

The New Audit Report Standards - HKSA 700 and HKSA 701

Fair Value Measurement Guidance

Financial Reporting Review 2006

Financial Reporting Council Ordinance

The New Audit Report Standards - HKSA 700 and HKSA 701

Fair Value Measurement Guidance

Application of the conceptual framework to independence

607

25 April 2006
(Session Full)

Improving Audit Documentation

Steve Ong

606

11 April 2006

Issues in Preparing Financial Statements

Patricia McBride

605

21 March 2006

New Code of Ethics
Issues relevant to Professional Accountants in Business (PAIBs)

Stephen Chan
Elaine Chan

604

14 March 2006

Introduction to Financial Instruments

Patricia McBride

602

7 Feb 06

Business Combinations: New Accounting Guideline on Merger Accounting and other recent developments

Elsa Ho

601

26 Jan 06

Practice Notes relating to Audit of Listed Issuers

Stephen Chan
Steve Ong

21 Replacement Hong Kong Auditing Standards

Financial instruments: new disclosures and other changes

New Quality Control Standards for Auditors

Presentation issues

Revised Standards on Fraud Consideration and Audit Planning for Auditors

Balance sheet III: Leases and investment property / Non-financial liabilities

Balance sheet II: Intangible assets

New Audit Risk Standards Introduce Risk-Based Audit Approach

Balance sheet I: Non-financial tangible assets other than leases and investment property

21 Replacement Hong Kong Auditing Standards

Are you aware that a complete set of new auditing standards will come into force?

Are you aware of their proposed implementation date?

Do you have a plan to deal with these changes?

This session will explain the impact on auditors of the 21 proposed Hong Kong Standards on Auditing and Review Engagements under consultation (http://www.hkicpa.org.hk/professionaltechnical
/assurance/exposuredraft/21standards.pdf), highlighting the key changes and new requirements and guidance introduced as compared with their SAS counterparts:

The 20 proposed HKSA are intended to be effective for audits of financial statements for periods beginning on or after 15 December 2004. Auditors should look at their software, audit manuals and audit documentation to make sure that they will comply with the new Standards.

(SESSION HELD)

New Audit Risk Standards Introduce Risk-Based Audit Approach

	HKSA 315, "Understanding of the Entity and Its Environment and Assessing the Risks of Material Misstatement "
	HKSA 330, "The Auditor’s Procedures in Response to Assessed Risks"
	HKSA 500, "Audit Evidence"

This re-run session will explain how these new Standards will affect the way auditors conduct their audits.

	The new Standards enable auditors to more clearly focus on areas where there is a greater risk of misstatement of the financial statements. It is anticipated that implementation of the new Standards will increase the quality of audits by improving the linkage of audit procedures and assessed risks.
	Changes in practice that the new Standards seek to achieve, include:
	Obtaining, and documenting, a broader understanding of the entity and its environment, including its process for identifying business risks relevant to financial reporting objectives, and its information systems and internal control; An audit team discussion of the susceptibility of the entity’s financial statements to material misstatement; Determining which risks identified are "significant risks" that require special audit consideration; and Designing and performing further audit procedures that are linked to the assessed risks.

Auditors should note that new Audit Risk Standards will be effective for audits of financial statements for periods beginning on or after 15 December 2004.

(SESSION HELD)

This re-run session will cover the following 2 important Auditing Standards of the HKICPA:

	recently issued Hong Kong Standard on Auditing 240 “The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements”; and
	soon to be issued Hong Kong Standard on Auditing 300 “Planning an Audit of Financial Statements”,
adopting the equivalent International Auditing Standards.

Auditors will enter a much expanded arena of procedures to detect fraud as they implement HKSA 240. The revised Standard aims to have the auditors' consideration of fraud blended into the audit process and continually updated until the audit's completion. HKSA 240 describes a process in which the auditors (1) gather information needed to identify risks of material misstatement due to fraud, (2) assess these risks after taking into account an evaluation of the entity's programs and controls and (3) respond to the results. Under HKSA 240, auditors will gather and consider much more information to assess fraud risks than they have in the past.

(SESSION HELD)

7 Dec 04

New Quality Control Standards for Auditors

This re-run session will cover the following 2 important Auditing Standards issued recently by the HKICPA:

	Hong Kong Standard on Quality Control 1 “Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements”; and
	Hong Kong Standard on Auditing 220 “Quality Control for Audits of Historical Financial Information”,
adopting the equivalent International Auditing Standards.

Whilst quality control policies and procedures are not new to the accounting profession, these two Standards introduce several new concepts and requirements, including the extension of certain aspects to “other assurance and related services engagements”. Certain of the new requirements will have far reaching implications and necessitate more rigorous quality control policies and procedures being implemented by auditors.

Auditors should start to make a critical assessment of their existing quality control policies and procedures and audit documentation to see whether they are sufficient to comply with the systems of quality controls under HKSQC 1 which are required to be set up by 15 June 2005, and in terms of HKSA 220, quality controls over audits of historical financial information which are required to be set up for periods beginning on or after 15 June 2005.

(SESSION HELD)

(SESSION HELD)

This session will cover:

	proposed new Preface to Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services; and
	the HKICPA 's IAASB Pronouncements Convergence Project which aims to converge HKICPA 's Auditing Standards with International Auditing Standards.

(SESSION HELD)

This session will cover:

	Hong Kong Standard on Auditing 240 “The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements”; and
	Hong Kong Standard on Auditing 300 “Planning an Audit of Financial Statements”, adopting the equivalent International Auditing Standards.

(SESSION HELD)

(SESSION HELD)

This session will cover:

	Hong Kong Standard on Quality Control 1 “Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements”; and
	Hong Kong Standard on Auditing 220 “Quality Control for Audits of Historical Financial Information”, adopting the equivalent International Auditing Standards.

New Audit Risk SASs

New Hong Kong Accounting Standards

A number of new Hong Kong Accounting Standards will apply from 1 January 2005 . This session will cover the significant changes from the existing SSAPs.

Peter Tisman

SME Financial Reporting Framework and Standards

SME Financial Reporting Framework and Standards