Home' A Plus Magazine : May 2016 Contents aplus
Chan Ying Kit, CPA (practising)
Complaint: Failure or neglect to observe, maintain or other-
wise apply Hong Kong Standard of Auditing 500 Audit Evidence
and HKSA 700 Forming an Opinion and Reporting on Financial
Chan audited the financial statements of two Hong Kong
private companies for the period ended 31 December 2010. In
one of the audits, Chan failed to obtain sufficient evidence for
a material expenditure. In the other audit, he failed to assess
the adequacy of financial statement disclosure and obtain
sufficient evidence to conclude the financial statements were
free of material misstatements, regarding investments in two
subsidiaries. The complaint was made under section 34 (1AAA)
of the Professional Accountants Ordinance.
Decision and reasons: Chan was reprimanded. In addition,
he was ordered to pay a penalty of HK$50,000 and costs of
the disciplinary proceedings of HK$96,158.60 . In making its
decision on sanctions, the Disciplinary Committee took into
consideration, among other things, Chan’s decision to contest
the complaint and the absence of dishonesty on his part in
committing the breaches.
Details of the disciplinary findings are available at the Insti-
tute’s website: www.hkicpa.org.hk.
A Plus wins award
The magazine you are currently reading has
been recognized with an honours award by
the Astrid Awards, an international pro-
gramme that celebrates and rewards the most
successful and influential creators of design
communications in the world.
Membership survey lucky
Congratulations to Choy Kwok-wai, Chung
Chin-hung, Lam Wai-sze, Law Chi-ho, Wong
Miu-ling and Kent Wong Sze-king for winning
prizes in the membership survey lucky draw.
The survey results will be available soon.
Institute in numbers
15 Sports and Recreational
Interest Groups with
To help members strike a better work-life balance and
connect with fellow members, the Institute runs
11,736 members (one Institute member
can join up to five interest groups)
The three most popular interest groups are:
May 2016 5
Links Archive April 2016 June 2016 Navigation Previous Page Next Page