New Institute leaders

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New Institute leaders

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• Publié par: uhezyxuk
• Nombre de lectures: 109
• Langue: Français

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Disciplinary findings Jeffrey Au Chun-fai, CPA (practising) Complaint:Guilty of professional misconduct. Au was the managing director and shareholder of a corporate practice, HJ CPA Ltd., which had two issued shares. In January 2003, Au assigned his beneficial ownership of one of the shares in the corporate practice to a lay person, which resulted in the breach of the Corporate Practices (Registration) Rules. Au declared to the Institute that the corporate practice had complied with the rules. Finding:The disciplinary committee found the complaint proved and is considering the order to be made against Au under section 35(1) of the Professional Accountants Ordinance.

Heng Kwoo-seng, CPA (practising) Complaints:Non-compliance with the In- stitute’s then Statement 1.200Professional Ethics – Explanatory Foreword because Heng facilitated an individual to receive several bribes, contrary to section 9(2) of the Prevention of Bribery Ordinance.Non- compliance with theInstitute’s thenStatement 1.203Professional Ethics – Independence in that a company affiliated with his CPA firm acted as a nominee director of an audit client of the firm.Heng admitted to the complaints. Decision: Hengwas reprimanded and ordered to pay the Institute penalties totalling HK$550,000 and HK$420,000 towards the costs of the proceedings.

Ng Kay-lam, CPA (practising) Complaint:Non-compliance with Statement 1.203Professional Ethics – Integrity, Objectivity and Independence. Inan audit of a private company, Linfoot (Asia Pacific) Ltd., by Ng's firm, his employee prepared and audited the financial statements while also acting as the client's company secretary. This seriously compromised the independence of the audit. Decision:Ng was reprimanded and ordered to pay a penalty of HK$50,000 and HK$140,000 towards the costs of the proceedings. His sub- sequent appeal was dismissed by the court.

Lost contact The Institute has lost contact with Anthony Nedderman (F00926) and Alan Law (羅雅 戎) (A22980). Please call Joanne Chiu at 2287- 7026 and Betty Chiu at 2287-7069 respectively if you can help locate them.

4 January 2011

NEWS thE iNStitutE

New Institute leaders Two new and five returning council members elected at AGM

Philip Tsai Wing-chung became the new president of the Institute at the 38th annual general meeting last month. Tsai, a partner of Deloitte Touche Tohmatsu, has served on the Institute’s council for six years and was vice president last year. Since joining the council, he has chaired several committees including the registration and practising committee, the accountancy accreditation board and the ethics committee. Susanna Chiu Lai-kuen and Keith Pogson were elected vice presidents. Chiu, senior vice president of Li & Fung (Trading) Ltd., has been a council member since January 2004 and Pogson, a partner at Ernst & Young, has been a council member since December 2005. In addition to Tsai, six council members were chosen. Four of them are returning members, including Clement Chan Kam-wing, Stella Cho Lung Pui-lan, Jack Chow Siu-lui, and Doug Oxley. Two of them, Raymond Cheng Chung-ching and Dennis Ho From left: Keith Pogson, Philip Tsai Wing-chung Chiu-ping, are newly elected. and Susanna Chiu Lai-kuen Catherine K.C. Leung and Ambrose Cheung Wing-sum have been re-appointed by the government as lay members for another two-year term until 2012. Two other government-appointed lay members, Edith Shih and John C. Poon, will continue with the second year of their terms.

2010 Best Corporate Governance Disclosure Awards

This year’s Best Corporate Governance Disclosure Awards saw new winners emerge along with past winners. In the Hang Seng Index category, CLP Holdings Ltd. won the top award for the eighth consecutive year, while China Shenhua Energy Co. came first in the competitive H-share category. First-time winners, China Telecom Corp. and China Life Insurance Co., took the gold award and a special mention respectively. In the non-HSI mid-to-small market capitalization category, Ta Yang Group Holdings Ltd. received the second-highest award, platinum. CIMC Enric Holdings Ltd., a fresh entrant, won the gold award. The Airport Authority Hong Kong won the platinum award for the 10th consecutive year in the public sector and not-for-profit category. The Mandatory Provident Fund Schemes Authority, a new winner, took the gold award. But the top prizes in the non-HSI mid-to-small market capitalization and the public sector categories were withheld, as judges believe these organizations can improve their corporate governance and disclosures.