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The president of the Auditors' Association of Northbound Audits: Postponed on-site audits in an attempt to delay performance


A new coronavirus epidemic is raging, and accounting and auditing in the accounting industry have been blocked. The Hong Kong Stock Exchange (0388) and the China Securities Regulatory Commission provided guidance to listed companies and auditors earlier this month.

Thematic interviews

Written by: Yue Yueting

2020-02-24 07:00

Last updated: 2020-02-24 07:00

A new coronavirus epidemic is raging, and accounting and auditing in the accounting industry have been blocked. The Hong Kong Stock Exchange (0388) and the Securities Regulatory Commission provided guidance to listed companies and auditors earlier this month. If the listed company believes that due to the epidemic situation, it cannot publish results as required, it should contact the Stock Exchange as soon as possible to discuss the situation, but there is no You can extend the deadline for performance. The Hong Kong Institute of Certified Public Accountants, Cheung Kong Che-hung, said that many mainland companies have not resumed work and the industry has postponed on-site audit work. The association will continue to communicate with the industry. He also hopes that the supervisory authority will provide more information in the guidelines.

At present, accounting firms in Hong Kong generally allow employees to work at home (Home office). Jiang Zhihuan said that accountants have many difficulties working from home. If they work and communicate via email, the size of documents and files is limited, and confidential documents owned by mainland companies cannot be exported and exported. . Even if some accountants in Hong Kong have branches in the Mainland, the employees of the Mainland branches have to work from home, the work efficiency is reduced, the manpower is tight, and the inter-city and inter-provincial traffic is hindered. Therefore, it is difficult to transfer the work to the Mainland employees. The industry had to temporarily postpone field work.

The CPA will collect information from members from the end of February to the beginning of March. Jiang Zhijun hopes that the information will be more representative and accurate at that time, so that the supervisory authority can consider adjustment measures. (Profile picture)

Authorities tend to announce results as scheduled

The guidelines of the Hong Kong Stock Exchange and the Securities and Futures Commission have not set a deadline for the extension of results. Jiang Zhizheng believes that the authorities tend to allow listed companies to announce results on schedule. The guidelines set out the three steps for listed companies to issue results: Review), publishing preliminary results that have not yet been agreed with its auditors, and failing to publish results as required, providing the Exchange with 4 aspects of information. Jiang Zhiyi hopes that the authorities can provide clearer guidance, including defining those that are accurate and complete financial information; whether a listed company will suspend trading if it fails to provide financial information before the deadline. The Association will collect information from the industry again from the end of February to the beginning of March, and will closely monitor the development of the epidemic, while transmitting the latest information to the CSRC. "If a lot of companies feel that they cannot publish their results on or before March 31, the Association will report to the Stock Exchange and the Securities Regulatory Commission for a one-time extension."

In view of when the unknown epidemic is under control, Jiang Zhizhen frankly acknowledged that the industry has not yet decided whether to delay the trial period of the accounting professional test. In the past, the accounting professional test was started in June. If more listed companies delayed performance, accounting trainees may be in April to May. The audit is still being done, and there may not be enough time to review. The guild will decide whether to take corresponding measures according to the epidemic situation.

[Wuhan Pneumonia] Big 4 employees during the peak period of the Northbound Audit are worried that business trips will be accounted for after the fall

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Jiang Zhijiu will launch the seventh long-term plan in the first half of this year. He will also work hard to improve the image of the association and have close communication with members.

Economic downturn has little effect on the accounting industry

Hong Kong's economy has fallen into negative growth and the investment market sentiment has weakened. Jiang Zhichen feels that this will affect the consulting services or special services of the accounting industry, such as mergers and acquisitions and listings, but bankruptcy and restructuring will increase; many companies will reduce their budgets and may require The fee reduction by accounting firms may also be transferred from large accounting firms to small and medium accounting firms for auditing. On the whole, the economic downturn has little impact on the accounting industry.

The future guild is committed to improving member services, such as: organizing forums for students, retired members, enterprises, government departments, etc .; adding interest classes such as yoga classes or wine tasting classes.

Hong Kong Institute of Certified Public Accountants

Source: hk1

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