crac bulletin 56 eng...crac (from pa approxim be appli breakthro ‘mid-way the regarding contained...
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![Page 1: CRAC Bulletin 56 Eng...CRAC (from pa approxim be appli breakthro ‘mid-way The regarding contained agents, th are no lo cannot b would be Lau Reportin three new ‘IFRS 15 from liste](https://reader033.vdocuments.us/reader033/viewer/2022042114/5e90b194d568df67be405255/html5/thumbnails/1.jpg)
CWT
Committee foWebsite: httpTel: (853) 859
CONTENTS
1 New “F(Page 1)
2 Cross-stMeeting(Page 2)
3 Other NRenewaAnnual Licensin
4 Statistic(Page 3)
5 InternatCJK MeWCOA
CRAC
Chairperson
Effective:
Members
Reserved:
Members
or the Registrp://www.dsf.g99 5343; Fax:
S
RS” Consult)
traits Four Rg )
News: (Page 3al of PracticinTraining Co
ng Examinat
cal Data )
tional Meetineeting (Page (Page 4)
C Member
n: Iong Kong
Yung Chi C
Ng Pou Ma
Cheong Sio
Bao King T
Kou Ka I
Si Chan Ch
Cheung Pui
Kuan Ho W
ry of Auditorgov.mo; Ema: (853)2838 9
CRA
tation Item
Regions
3) ng Cards
ourses tions
ngs: 4)
rs 2019
Leong
Chung
an
o Tong
To
han
i Peng Grace
Weng
In ReportinNew “FFinanciaexisting January consultawith restandardnew stan
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r the purposs on a deepes, whereing/auditing er professioneetings. The 30 on 17, 24ilding.
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![Page 2: CRAC Bulletin 56 Eng...CRAC (from pa approxim be appli breakthro ‘mid-way The regarding contained agents, th are no lo cannot b would be Lau Reportin three new ‘IFRS 15 from liste](https://reader033.vdocuments.us/reader033/viewer/2022042114/5e90b194d568df67be405255/html5/thumbnails/2.jpg)
Page 2
Cross-S
The Straits FoNew Situofficiatinthree CRthis issue
Withon the trabrought iyouths joi
TangChinese IImplemenimplemenCommuniDecembercompanieimplemenAudit Madisclosed bad debt inventorie
Withreflected ttransparenaccountinunderstanopinion adifferentia
Chinand ChallMr. Chanwith whitransactiocryptograis resistan
Mr. blockchafirms to report of
Straits Fou
Cross-Straitour Regions uations, Newng guest in thRAC membere of CRAC N
hout a doubt,aditional conin reform asining the acc
g JianHua, sInstitute of ntation of Nntation of ication on Kr 2016, and w
es that were rntation in 20atters’ (KAM
in each audit provisions es. h regard to tthe reform ancy in audi
ng firms’ aunding and suare no longated audit re
n-Jui Chang lenges’ and ng said that ach blockchaons (aka Bloaphic hash ofnt to modific
Chang presain in its exte
sign contracf a number of
ur Region
ts, Hong KonMeeting) wa
w Challengeshe meeting irs and 2 staf
Newsletter ar
, economic ancepts and ps well as injcounting prof
enior staff oCertified Pr
New Audit R‘Auditing S
Key Audit Itwas put into required to a
018, with theM) were discl
it report. Thefor accoun
the effectivenand dynamicsit work, resudit quality
upport of theger in a staport could be
(PwC Taiwsuggested thauditing is aain challengeocks), which f the previouation of the dsented someernal confirmcts, wherebyf selected ren
s Meeting
ng and Macaas held in Ms and New Tin representa
ff members fre some high
and technologpractices of ected dynamfession.
of the Profesacticing Acc
Reporting inStandards ftems in Audimplementat
adopt this Stae exclusion olosed in the e four major nts receivab
ness of imples brought to storing publiy’, and ‘enh content and
andardized fe portrayed.
an partner) ghat “blockchaa process thaes upon. (Eare linked a
us block, a tidata. Sourcee examples mations: in 20y ‘blockchainnowned listed
ao AccountinMacao on 11th
Tasks. Iong ation of the from the CRAhlights of the
gical developthe account
mics to the a
ssional Standcountants (C
n the Mainlafor Certifieddit Reports’tion in stageandard in 20of the 18 dis3606 audit r
r topics of KAle, goodwil
ementation othe accountiic confidenchancing listd value of auformat and,
gave a speecain could likat provides ‘
Editor’s noteand safeguaimestamp, an
e: Wikipedia)where the F018, the Finan external cd companies
CR
ng Professionh November Kong LeongSecretary foAC office almeeting.
pments haveting sector; naccounting s
dards and TeCICPA) gaveand Region’d Public Ain China. T
s. From the a017 and the 3sclaimer of oreports issuedAM are (in dl impairmen
of the new Aing sector byce’, ‘differeted companiudit work’. H
instead wit
ch on the topkely have somassurance to
e: A blockcharded using cnd transactio) Financial Coancial Componfirmationss; starting in
RAC New
n Conference2018. The thg (CRAC Chor Economy lso attended
brought somnevertheless,sector, to an
echnical Guie a speech o, whereby h
Accountants This Standaraudit reports 3505 companopinions issud, i.e., an avdescender ordnt and obso
Auditing Stany KAM, whicntiated audiies’ manageHence, auditth KAM, a
pic of ‘Impleme impact o
o the third pahain is a grcryptographyon data that,
ompany of any has led 2s’ are being 2019, the blo
wsletter (I
e 2018 (hereheme of this hairperson) wand Financethe meeting
me unprecede, such impa
n extent that
idance Depaon the topiche presented
of China rd was publis disclosed bynies under coued, a total overage of 2.2der): revenueolescence al
ndard, variouch include ‘eit reports, dement and t reports wit
a more pers
ementation oon auditing iarty’, which
rowing list oy. Each bloc, by design,
Taiwan has20 banks andtested in th
ockchain
Issue No. 5
inafter Crossmeeting waswas the chiee. In addition. Presented i
ented impactcts have als
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artment of thc of ‘State od the state o
No.1504 ished on 23y the first 11omprehensivof 7963 ‘Ke
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CRAC
(from paapproximbe applibreakthro‘mid-way
The regardingcontainedagents, thare no locannot bwould be
Lau Reportinthree new‘IFRS 15from listeto unders
In aaccountaestimatesinformatiearly, to practicalipracticesStandard
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age 2) externmately 1,400 ed to the 1ough from thy interceptioexample of
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w Standards 5 – Revenue ed companiestand and havaddition, reg
ants and enters and judgmion technolonurture talenity of makin; meanwhile
ds, the tax aut
News
ccording to ear. In Novemants in Macaoditors and acngements re
ants who havthat applicat
29th Novem“Why Risk Istralia. Withing coursesully. These g Internationds on Audints analysis, d for attenda
certificates oating organiz
und II of lid accountaner 2018, 1 anted this roundates for acctions for 201
Please visit th
er (Issue
nal confirmacompanies.
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f blockchain rnal confirm
hain are transof such informd to step in?transactions
oint of audito
enior Tax M– Tasks and(often referrfrom Contra
es in her presve a sense ofgarding charprises, Ms. ment”, “comogy and injecnts and to en
ng it statutorye, regarding thorities shou
existing legismber 2018, o. As of 31st ccountants wegarding pae yet to submtions are sub
mber 2018, It – Importanh the complets scheduled
courses conal Financialiting, profesand risk manance, wherebof attendanczation upon c
censing exants / accounnd 8 Decembnd of examincountants). A19 is expectehe CRAC we
No. 56)
ations shall bShould the bank extern
suming delivrom human’.external con
mations couldsparent in namation is no ? Mr. Chang s could, andors’ work in
Manager at Prd Challengesred to as “thracts with Cusentation andf the new Staallenges andLau explored
mpatibilities ction of resonhance commy for financia
the impact uld assess, o
slations, the pthe CRAC December 2
who have appayment and mit the relevabmitted befor
the CRACnce of Beingtion of this s
for 2018 overed a wl Reporting Sssional codenagement. Oby over 70%ce co-issuedcompleting th
aminations fnting technicber 2018. 96nations (22 c
Application fed to be openebsite (www.
be compreheimplementat
nal confirmavery processe. nfirmations td be improvature that calonger requpointed out
d thus fraudsthe future.
ricewaterhou’, whereby sree-main-barustomers’, and, through anandards’ impd opportunitd on this topof commer
ources”. Ms.munications.al reporting t on time anon a regular b
practicing cahas sent no018, the CRAlied for rene
picking-upant applicatiore the deadlin
C co-hosted g Risk Intellseminar, all
had been wide range Standards, Ine of ethics
Over 1,700 p% of studentsd by the Che respective
for registerecians were h6 people comcandidates fofor Round I on between Fe.dsf.gov.mo/
ensively extetion be succeations in Taes in the pas
tells us that, ed significannnot be tampired to be vethat: althoug
s would still
useCoopers) she presentedrriers”, includnd ‘IFRS 16 nalysis of finpact on the coies faced b
pic from threercial and ta Lau appeal. For instancstandards to nd balance obasis, the tim
ards of auditootification ofAC has recei
ewal of practip of practicons are reminne.
a seminar ligent’ with 10 sessions completed of topics,
nternational s, financial people have s have been CRAC and e courses.
d auditors, held on 24
mbined have for auditors, of licensing ebruary and /crac) regular
nded to bankessful, the baiwan each st, and could
the efficiencntly. Meanwpered and do
erified. So, dgh informatio
exist. Henc
spoke on thd the major uding ‘IFRS 9– Leases’).
nancial statemompanies’ finy preparers e perspectiveax legislatioed to all to
ce, the standabecome con
of income rmeliness of its
ors and accof renewal to ived 267 appicing cards a
cing cards; nded to take
rly for updat
StatAs of
number oaudit firregisteredthe RegAccounta
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k external coblockchain te
year, whichd also elimin
cy of work owhile, becauso not require
does that meaon containedce, validity o
he topic of ‘Nupdates and 9 – FinancialMs. Lau use
ments, enablenancial data.
s of financies: “changes
ons”, and “astart relevanard-setter shnvergent withrecognition s tax legislati
ountants needo all 113 auplications forare reminded
meanwhile,note of the r
tes and annou
tisticalf 31st Decembof auditors, rms and acd with the Cgistry of Aants is as foll
stered audit
ered accoun
Audit firms
ounting firm
Pag
onfirmation echnique couh could be
nate the risk
of accountanse informatioe intermediaan accountan
d in blockchaof transactio
New Financiimpacts of thl Instrumentsed case studied participan. al statement of accountinapplication nt preparatioould study thh internationfrom the neions.
d to be renewditors and 1r renewal.
d to take note auditors arenewal perio
uncements.
l Databer 2018, thaccountants
ccount firmCommittee foAuditors anlows:
ors 119
tants 188
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Page 4
Interna
In restandardsaccountindelegatioto undersaccountin
On Meeting implemenChina preas well a
On meeting the meetiobserversand invitrevenue rMeanwhitheir respfrom the
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The Four Regheld in MChung, Lmeeting wrefreshinkey audirevenue, of CRAC
ational Me
ecent years, s worldwing/auditing sons have attestand the devng/auditing s
19th October2018’ held
ntation of acesented the ss its outlook 21 and 22 Nin Singaporeing. In addits. At the meted the meetirecognition (ile, represenpective countCRAC offic
5-8 Novembworldwide h) held everys include: ‘Fing ScandalsRisks and “mes for disces and Block
hi Chung, NgCross-Strai
gions meetinMacao everyLam Bun Jonwas: ‘New S
ng, with someit matters (Kamong other
C Newsletter
eetings
following thide, exchasector from dended a numbvelopmental standards in d
r, a CRAC din Busan,
ccounting ststate of impleon the futur
November, the. Around 70tion, both theeeting, the Aing’s attende(IFRS 15), antatives from tries. As a m
ce attended th
ber, around has gatheredy four yearsFinancial Ups that Shock“Future Shocussion, inclkchain on F
g Pou Man anits, Hong Kong) are held iy four yearsng and CheanSituations, Ne eye-catchin
KAM), blockrs. A summa.
he growing trnges betw
different regiber of interntrends of th
different reg
delegation atKorea to ge
tandards of tementation o
re. he Asian-Oc0 representate Chairman a
AOSSG workees to jointlynd business cSingapore a
member of thhe meeting.
6,000 represd in Sydneys. This yearpheavals Chaked the Worlcks”’, amon
luding ‘Convinance’ amond Cheang Kong and Man turn by the
s. On 11th Nng Kin Lap ew Challengng new technkchain, expeary and highl
rends on conween standions become
national meethe accountingions, and to
ttended the et an insighthe three coof standards
ceanian Standtives of standand Vice-Chking groups y explore on combination
and Thailandhe AOSSG, N
sentatives fry, Australia, r’s topic is: allenging Gld’, ‘The Ding others. Inverging Repong others. TKin Lap. acao Accoune relevant or
November, Io(CRAC mem
ges and New nical jargons ected credit llights of this
CR
nvergence in dard-setters,
gradually mtings held in g/auditing seinteract with
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ns under comd have also prNg Pou Man
rom the accoto attend t“Global Ch
Global Econogital Factor n addition,
porting FramThree CRAC
nting Professrganizations ong Kong Lmbers) attendTasks’. Theserving of p
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RAC New
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ectors, the sth members fr
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ounting sectothe World Challenges, Gomic Order’,
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sion Conferefrom the cro
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al accountingry organiznt as time god November tate of implerom the diffe
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und on Page 2
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g and auditinzations anoes by. CRAC2018, aimin
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andard Setterh setting anntatives fromainland Chin
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