contents - Confederation of Asian and Pacific Accountants

C O N T E N T S 

f r o m t h e w o r l d o f a c c o u n t a n c y 

CAPA NEWS 

IFAC Small And Medium Practices Forum co hosted by the Hong Kong Institute of CPAs and CAPA 3 

CAPA Strategy Planning Meeting hosted by the Asian Development Bank 5 

17th CAPA Conference - Osaka, Japan 5 

me m b e r s u p d a t e s 

AU S T R A L I A 

Alarm Bells Raised - One In Three Future Accountants Want To Move Overseas 6 

30th June: The Start Of A New Era With AIFRS 7 

Practise as a CPA in Vietnam 8 

Defending Realistic Financial Reporting 8 

C A N A D A 

Chartered Accountants Enhance Business Performance, Study Finds 9 

C H I N A 

Growth of the Chinese Accountancy Profession Requires Larger And More Competitive CPA firms 10 

H O N G K O N G 

Hong Kong Institute of CPAs Cheers the Passing of the Financial Reporting Council Bill 10 

China Accounting Standards Committee and Hong Kong Institute of CPAs Sign Joint Statement 

on Standards Convergence 11 

J A P A N 

Statement In Response To The Administrative Action On ChuoAoyama PricewaterhouseCoopers 11 

M A L AY S I A 

IFAC, In Collaboration With MIA Issues Paper On Developing Business Plans For Small 

And Medium Entities 12 

P A K I S TA N 

University of Finance and Accounting Planned in Pakistan 13 

U N I T E D K I N G D O M 

Asia Pacific CFOs Demand Strong Ethical Code 13 

SII and ACCA Sign Global Partnership Agreement 15 

i f a c n e w s 

IFAC Publishes Collection Of Award-winning Articles On Finance And Management Accounting Topics 15 

IFAC Strengthens International Code Of Ethics; Clarifies Guidance For Network Firms 16 

New Standard on Auditor Competence issued by IFAC's International 

Accounting Education Standards Board 16 

IFAC Board Supports SMPs and SMEs; Selects Site for 2010 World Congress of Accountants 17 

n e w a p p o i n t m e n t s 

AU S T R A L I A 

Former CEO of PwC Canada Assumes Helm at Canadian Institute of Chartered Accountants 18 

I N D I A 

New President and Vice-President of ICWAI for 2006-2007 18 

K O R E A 

Taesik Suh Re-elected As KICPA President 19 

N E P A L 

New Leaders for ICAN 20 

w e b s i t e s o f c a p a m e m b e r s 21 

c a p a p r e s i d e n t s 22 

c a p a c a l e n d a r 23 

 

2

F R O M T H E W O R L D O F A C C O U N T A N C Y 

IFAC Small And Medium Practices Forum co hosted 

by the Hong Kong Institute of CPAs and CAPA 

barely 48 hours earlier – while CAPA helped ensure a full house 

of delegates. 

The Guest of Honor, the Honorable Mr Frederick Ma Si-hang, 

Secretary for Financial Services and the Treasury for the Hong 

Kong Special Administrative Region, welcomed delegates 

to the forum. Mr. Ma remarked that IFAC and CAPA “have 

demonstrated their commitment through their active participation 

in the process of International Accounting Standards Board in 

developing appropriate financial reporting standards for SMEs”. 

Shozo Yamazaki presenting a speech at the Forum. 

The IFAC Small and Medium Practices Forum held in Hong 

Kong on July 3, 2006 and co hosted by the Hong Kong Institute of 

Certified Public Accountants (HKICPA) and the Confederation 

of Asian and Pacific Accountants (CAPA). 

The SMP Forum’s overarching aim was to contribute towards the 

development of IFAC’s strategy for assisting small and medium 

practices around the world. In support of this there were 6 primary 

objectives: 

• To discuss how best to accommodate SME/SMP issues 

in the setting of standards for auditing and ethics; 

• To discuss how best to reflect SME/SMP issues in the 

setting of accounting standards and guidance for SMEs 

and micro-entities; 

• To contribute to key IFAC SMP Committee initiatives 

including the ISA Guide, information sharing, 

networking, and practice management tools; 

• To discuss how SMPs can best contribute to the 

development of SMEs; 

• To identify other priorities for action by the IFAC SMP 

Committee; and 

• To facilitate networking and dialogue between relevant 

interested parties. 

Over 130 delegates from 35 countries attended this event. The 

HKICPA provided the venue – a state of the art seminar room, 

forming part of brand new office facilities, which was completed 

The forum stimulated interesting and constructive debates 

and exchange of ideas as to what IFAC and the international 

professions’ response should be on a range of issues currently 

facing small- and medium-sized practices (SMPs), small and 

medium sized entities (SMEs). 

The forum provided a unique opportunity for representatives 

from IFAC member bodies, regional accountancy bodies, other 

non-member professional accountancy organizations, and other 

international organizations, to discuss a number of pressing issues 

currently facing many, if not most, of IFAC’s membership. 

Sylvie Voghel, Chair of the IFAC SMP Committee and Chair of 

the Forum, pointed out that there is now: 

• increased SMP representation on IFAC’s standard 

setting boards; 

• an active research project into the user needs of micro 

entity financial reports; 

• more attention being paid to ensuring ISAs are applicable 

to SMP/SME; and an investigation into alternatives to 

audit. 

The SMP Committee is taking a two-pronged approach to helping 

SMEs and SMPs converge and comply with international auditing 

and accounting standards. 

• helping to shape the form and content of IASB 

standards 

• providing practical assistance to SMPs and SMEs that 

have to use the standards




Speakers included representatives from the International 

Accounting Standards Board (IASB), the International Ethics 

Standards Board for Accountants (IESBA), IFAC member bodies, 

and CAPA. 

IFAC President, Graham Ward presenting a plaque of 

appreciation to CAPA President, Shozo Yamazaki. 

One presentation that generated healthy, and sometimes fervent, 

debate was that by Paul Pacter, Director of SME Standards 

at the IASB. Paul updated delegates on the project, which is 

expected to culminate in the issue of an Exposure draft of an 

International Financial Reporting Standard for SMEs (IFRS- 

SME) in October this year. The two other panelists, HKICPA 

President Paul Chan and IFAC Developing Nations Committee 

Chair Ndung’u Gathinji, expressed concerns over whether the new 

SME accounting standard would suit smaller SMEs and those in 

developing nations. 

Another session that provoked an interesting debate was that on 

auditing and ethics standard setting. Geoffrey Hopper, member of 

IESBA, summarized the proposed revisions to the independence 

sections of the Code of Ethics. These revisions will have a 

significant impact on SMPs and SMP networks. 

Recommendations from the forum, many of which arose from the 

interactive breakout discussion group sessions, will be presented to 

the IFAC Board at its next meeting in Toronto, September 7-8, 

2006. These include: 

• IFAC should be careful not to impose disproportional 

Participants at the SMP Forum (L to R) Chen Voon Hann, Paul 

Chan, Sylvie Voghel, Helen Brand, Peter Lim and Johnny Yong. 

burdens upon SMPs in the revisions to the ethics rules 

and consider taking a “think small first” approach to 

setting auditing standards; 

• IFAC should continue to encourage and support the 

IASB in the development of SME standards suitable for 

general purpose financial reports that are placed on the 

public record and ensuring that they: 

• Meet user needs; and 

• Are capable of being complied with; 

• IFAC should continue to investigate the need for 

separate standards/guidance for micro-entities; 

• IFAC should consider developing explanatory guides 

in addition to the ISA Guide it is scheduled to launch 

in June 2007; 

• IFAC should facilitate and encourage the development 

of products derived from its guides (such as practice 

aids, audit software); 

• IFAC should consider using its KnowledgeNet (an 

online search engine tailored for accountants which 

will search participating member body websites for 

relevant material, due to launch in October 2006) as a 

platform for facilitating communication and networking 

between SMPs; 

• IFAC’s KnoweldgeNet should be expanded so that it 

searches non-member body websites ; and 

• IFAC should prioritize the development of practice 

management tools.




In her summing up of the forum Sylvie Voghel, said, “Your 

thoughtful contributions helped to make this forum a success. As 

I mentioned first thing this morning, we were hoping to hear your 

candid views on the issues affecting SMPs and SMEs – and we 

did. It was very gratifying to hear constructive ideas and honest 

concerns being shared so openly. One thing that is immediately 

apparent from this forum is that not only are people interested 

in this subject and want to talk about it, but it is vital for our 

profession and for IFAC to continue to address these issues on a 

structured and permanent basis”. 

Copies of the forum speeches, presentations and discussion group 

reports may be downloaded from the IFAC website at www.ifac. 

org/smp. 

CAPA Strategy Planning Meeting hosted 

by the Asian Development Bank 

CAPA will hold a Strategy Planning meeting in Manila for all 

member bodies. The Asian Development Bank (ADB) has kindly 

volunteered to host the meeting in the premise of the ADB. As 

part of its contribution, the ADB engaged John Petty, National 

Vice President of CPA Australia as the facilitator of the strategy 

planning meeting that will be held in September 28-29, 2006. 

• Regulation 

• SME standards 

• Convergence 

• Education 

• Capacity Building 

• Focus to projects 

The purpose of the strategy planning meeting to develop a forward 

strategy for CAPA and to engage leaders of the profession in 

providing input to CAPA’s strategic thinking over the short and 

long term period. 

A number of key issues to be raised at this meeting are: 

In conjunction with this meeting, CAPA also plans to hold a SME 

Forum and various committee meetings. 

For more information on this meeting, members are encouraged 

to contact the CAPA Secretariat. 

17th CAPA Conference - Osaka, Japan 

The 17th CAPA Conference 

will be held on October 3-5, 

2007, hosted by the Japanese 

Institute of Certified Public 

Accountants (JICPA). The 

venue for CAPA Osaka 2007 

will be Osaka International 

Convention Center or better 

known as the “Grand Cube Osaka”. 

Aki Fujinuma, Chairman and President of JICPA remarked that, 

‘This conference commemorates the 50th anniversary of the 

first CAPA conference which was held in Manila, Philippines in 

1957. Forty years have passed since Japan hosted the 3rd CAPA 

Conference in 1962. The number of accounting professionals in 

Japan is growing, and our role in the Japanese and world economies 

is only becoming more important.’ 

The chosen main theme of CAPA Osaka 2007 conference is “How 

Professional Accountants can develop the Asian Economy”. 

By providing a measure of assurance regarding corporate, financial 

and environmental information, professional accountants 

collectively function as a platform for the development of national 

economies. The current point in time, when the Asian economy 

has the potential for continuing future expansion, is an ideal 

juncture at which to review the impact of the work of professional 

accountants on the economies of their respective countries, and


17th CAPA Conference - Osaka, Japan 

ways in which accountants can contribute to economic growth. 

dinner entitled “Japan Night” that will be held in Rihga Royal 

Hotel Osaka. The Farewell party on October 5, 2007 will be held 

Simultaneous translation (Japanese-English) will be available 

at the Universal Studio Japan. 

at the conference. Simultaneous translation to other languages 

could also be arranged if the number of delegates requiring that 

language is sizeable. 

To register your interest in this conference, please log-in to this 

website http://www.capaosaka.com 

On the evening of October 4, 2007, the JICPA will host a formal 

MEMBERS UPDATES 

AUSTRALIA 

Alarm Bells Raised - One In Three Future Accountants Want To Move Overseas 

June 8, 2006 - Australian businesses wanting to recruit and retain 

talented accounting staff should be preparing for the emergence 

of generation Y, who are driven by a desire for greater work life 

balance rather than personal wealth, an Institute of Chartered 

not at all surprising and is consistent with the nature of Generation 

Y, who are motivated by personal fulfilment rather than personal 

wealth, in fact only 4.4% agreed that salary was a primary motive 

for their career choice. 

Accountants survey has revealed. 

“Today, young people have high expectations and while the 

The Institute’s National Student survey of 960 accounting students 

from universities across Australia revealed that up to one in three 

accounting students would prefer to move overseas in the next 

three to five years in order to progress their future careers and 

with 75.5% of respondents indicating that career opportunities 

and diversification were the reason why they studied accounting, 

Gen Y factor is influencing some businesses to re-evaluate their 

workplace practices and adapt to new policies including, travel 

opportunities, further education, more flexibility, mentoring 

programs and greater career progression, Australia still needs to 

become more competitive in order to prevent talented accountants 

moving overseas,” Ms Cochineas said. 

it is expected that the trend to move overseas could continue to 

grow. 

The Institute has been actively lobbying the Federal Government 

and in its pre-budget submission recommended that the 

The Institute of Chartered Accountants, General Manager for 

NSW and ACT, Lisette Cochineas said that these findings were 

government: 

• Make it easier for foreign students to stay and work in


AUSTRALIA 

Australia once they have finished their degrees 

• Change the Higher Education Contribution Scheme 

(HECS) funding for accounting and commerce degrees 

to make them more attractive to potential students 

• Make Australia a more attractive place for professionals 

to work through changes to the personal tax system 

and 

• Encourage experienced accountants not currently in the 

workforce back into the profession. 

Coinciding with the burgeoning strength of generation Y in the 

marketplace, leading talent development expert and author of the 

acclaimed book, Generation Y: Thriving (and Surviving) with 

Generation Y at Work, Peter Sheahan, claimed that the Institute’s 

survey echoed the findings in his own research. 

“Accounting is an excellent platform to launch a career because 

of the many opportunities the profession provides, however, 

employers should beware that just because these emerging students 

have chosen accounting, don’t expect Generation Y-ers to follow 

a traditional career path. They are entrepreneurial and want to 

work for themselves and seek greater diversity, so accounting is 

an ideal starting point,” Mr Sheahan said. 

“The results of the survey are indicative of the expectations of 

Generation Y, who are educated, innovative and more inclined 

to be transients on the national and global stage and in a climate 

where flexibility, diversity and lifestyle are key to engaging 

generation Y, it is essential for businesses to distinguish themselves 

apart from other potential employers in order to recruit and retain 

talented accounting staff,” Lisette said. 

Peter Sheahan is speaking at the Institute Careers Conference 

on 13 July at the Sofitel Hotel in Melbourne and on the 18th 

July at the Sofitel Wentworth Hotel in Sydney to a total of 1600 

university students discussing choosing a career in accounting. 

(Extracted from ICAA Website) 

30th June: The Start Of A New Era With AIFRS 

This 30 June has marked a major milestone for corporates in 

Australia, with all reporting entities now using Australian 

International Financial Reporting Standards (AIFRS) to prepare 

their financial reports. 

With AIFRS being introduced for final periods beginning on 

or after 1 January 2005, a number of companies have already 

prepared calendar or half yearly financial statements using the 

new standards. 30 June 2006 captures the last of those companies 

that are obliged to report under AIFRS. 

Difficulties With Implementation 

Australian businesses have had a number of years to prepare for 

the new reporting regime. 

However, as identified in an earlier Institute of Chartered 

Accountants in Australia (ICAA) survey of Australian businesses 

applying AIFRS for their 30 June 2005 half yearly accounts, 

businesses may encounter challenges with some standards. Some 

of the standards identified as the most problematic include 

AASB 136: Impairment; AASB 112: Tax; AASBs 132 and 139: 

Financial Instruments; and AASB 3: Business Combinations. 

In addition, the ICAA’s Training & Development team is 

preparing to hold a post-implementation AIFRS conference in 

October 2006. 

(Extracted from ICAA Website)


AUSTRALIA 

Practise as a CPA in Vietnam 

CPA Australia members are now able to complete a transitional 

examination to be recognised as a Vietnam CPA. 

of Finance in Vietnam every August 

• live or work in Vietnam for more than one year 

Vietnamese citizens and foreigners will be granted a Certificate 

of Auditors of Vietnam and recognised as a Vietnam CPA when 

they meet the following requirements: 

The agreement was announced by the Vietnam CPA Examination 

Board who confirmed that as CPA Australia is one of the 

accounting and auditing organization recognised by the Ministry 

of Finance in Vietnam, CPA Australia members are permitted to 

• obtain CPA status by CPA Australia, which is recognised 

participate in the transition examination. 

by the Ministry of Finance in Vietnam 

• pass the transition examination held by the Ministry 

(Extracted from CPA Australia Website) 

Defending Realistic Financial Reporting 

July 14, 2006 - The Institute of Chartered Accountants in 

Australia is delighted that the Australian Accounting Standards 

interests of the Australian economy. The Institute’s CEO, Graham 

Meyer said that the proposed amendments add red tape. 

Board (AASB) has acknowledged the unprecedented level of 

objections to an international proposal that would add more red 

tape for small and medium sized businesses. 

“The vast majority of businesses in Australia are small and do 

not participate in the listed capital markets. What small business 

sees is the costs of complying with more and more elaborate 

Over 180 submissions, mainly from the Institute’s members were 

opposed to adding ‘regulatory filings’ as a definition of ‘general 

purpose financial statements’. (The AASB would normally receive 

on average less than 10 submissions.) 

standards designed for participants in the capital markets which 

are of dubious relevance to them. To extend the reporting 

entity definition to cover any entity that files with a regulator, 

for example, large proprietary non-reporting entity companies, 

reporting to shareholders, adds unnecessarily to the burden of 

The AASB will now lodge a submission with the International 

regulation.” 

Accounting Standards Board (IASB) contending that the 

requirement to have general purpose financial reports for any 

entity that files with a Regulator (such as ASIC) is inappropriate 

and requires more detailed consideration. 

The AASB’s proposals were in the Exposure Draft, ED 148: 

Proposed Amendments to AASB 101 Presentation of Financial 

Statements. 

In the Institute’s view, the proposal is most definitely not in the 

(Extracted from ICAA Website)


CANADA 

Chartered Accountants Enhance Business Performance, Study Finds 

Toronto, June 20, 2006 – Having a Chartered Accountant as 

Chief Financial Officer can help enhance corporate performance, a 

recent study by the Canadian Institute of Chartered Accountants 

CFO position. Return on assets over the same five-year period was 

4.6% for companies with a CA in the CFO position versus 0.8% 

for those that did not. 

(CICA) shows. 

In terms of actual numbers, CAs dominated the CFO position in 

Each year the CICA reviews the positions of Chairman, CEO, 

president, CFO, COO and corporate secretary at companies in the 

Globe and Mail’s Report on Business (ROB) 1000 magazine to 

determine how many senior positions are held by CAs. The CICA 

the ROB’s Top 1000 Companies list, accounting for 58% of all 

CFOs. The percentage of CFOs who are CAs in top companies 

listed by the ROB annually has risen steadily over the past five 

years. 

report also reviews the financial performance of this group of 1000 

largest publicly-traded Canadian corporations to assess the relative 

performance of companies with CFOs who are CAs. 

The study also showed that in 2005, one in four top officers 

(23%) in the ROB 1000 were CAs. When looking more broadly 

at the leadership positions within the ROB 1000, 61% of ROB 

“Once again this year our analysis indicated that companies with 

CAs in leadership positions such as CFO are rewarded with better 

corporate performance,” said CICA President & CEO David 

Smith, FCA. “Once again this year our analysis indicated that 

companies with CAs in leadership positions such as CFO are 

1000 companies had a CA in at least one of their top 6 positions 

(Chairman, CEO, president, CFO, COO and/or corporate 

secretary). In total, CAs accounted for 12.6% of the list of 

Chairman, 9.8% were CEOs, 10% were Presidents, 17% were 

corporate secretaries, and 8.2% were COOs. 

rewarded with better corporate performance,” said CICA President 

& CEO David Smith, FCA. 

“Canada’s Chartered Accountants continue to be in strong 

demand for their financial expertise, business insight and strategic 

The CICA study found that companies that have a CA in the 

CFO position outperformed their counterparts on several key 

measures, such as return on equity, return on capital and return 

on assets. For companies that had a CA in the CFO position, 

thinking and because they are values-oriented leaders who make 

strong contributions to management teams,” said Smith. “We 

are very proud of our membership for playing such influential, 

leadership roles in Canadian business.” 

the average return on capital over the past five years was 5.4% 

compared to -0.16% for companies that did not have a CA in the 

(Extracted from CICA Website)


CHINA 

growth of the Chinese Accountancy Profession Requires 

Larger And More Competitive CPA firms 

Beijing, May 29, 2006 - The Chinese accountancy profession is 

growing rapidly when China adopted the policy of reforming, 

CPA is a young profession in China and is confronted with a lot 

of controversies or conflicts. 

opening-up and market economy. Currently, the accountancy 

profession has witnessed progressing maturity in concept, an 

increasing pace in speed and a stronger momentum in development. 

In particular, since the convention of the “4th National Assembly 

of Delegates” of the Chinese Institute of Certified Public 

Accountants (CICPA), the accountancy profession has been 

facing both emerging opportunities and challenges. Yet thanks 

to the concerted efforts by the CICPA, it has made the following 

To promote CPA firms to grow both in physical size and in 

financial strength is an important task for the accountancy 

profession. At present, CPA firms in China are generally small in 

size, slim in business structure, lagging behind the requirements 

for economic growth and audit practice set forth by those large 

and super-large enterprises in China, letting alone to compete 

with those international rivals. 

achievements: 

Lately, Chinese enterprises have been increasingly active in the 

• Enacted and issued 48 auditing standards, which has been 

in favor of national benefits while in line with international 

trends. China has achieved the international convergence 

in auditing standards through the adoption of this new 

international capital market for financing, investment, mergers 

and acquisitions. Thus, such a new situation requires Chinese 

CPA firms to be strong both in finance and in manpower so as to 

support Chinese business’s overseas expansion. 

regulation, and in turn has exemplified in international 

convergence in auditing standards for developing countries 

and emerging market economies. 

• Improved the professional regulation framework. Heavy 

inspection has been made following the principle of inspection 

and discipline. For more than a year, over 1,400 CPA firms 

have been inspected in terms of their performance by 

the institutes of CPAs at each level, thus well regulating the 

professional performance order. 

In China, we have an old saying: “safety and danger are coherent. 

No weal without woe.” It talks about the mutual conversion 

between pressure and drive, and between challenges and 

opportunities, stressing the importance of attitude in dealing with 

both positive factor and negative factor. Therefore, I believe that 

the accountancy profession in China would manage to overcome 

this or that kind of difficulty and hardship in the economic 

globalization context to move ahead to the constant new highs. 

• An active role in legislation coordination on the strength of 

the CPA professional merits. Having tracked and participated 

in the drafting of over 10 laws. 

(Extract of the address by Mr. Wang Jun, Vice Minister, Ministry of 

Finance, P. R. China at the Third CPA Forum of CICPA) 

HONG KONG 

hOng Kong Institute of CPAs Cheers the Passing of 

the Financial Reporting Council Bill 

Hong Kong, 13 July 2006 – The passage of 

the Financial Reporting Council Bill wraps 

up the accounting profession’s regulatory 

reform in Hong Kong and brings new 

“The FRC will give us a stronger mechanism for dealing with 

alleged wrong doing in financial reporting of listed companies 

and we’re looking forward to working in partnership with the new 

body and other funding partners,” she says. 

strength to these regulations, according to 

Winnie C. W. Cheung 

Winnie C.W. Cheung, Chief Executive of 

the Hong Kong Institute of CPAs. 

The Hong Kong Institute of CPAs is one of four funding parties 

of the FRC along with the Government’s Companies Registry 

10


HONG KONG 

Trading Fund, the Securities and Futures Commission and the 

Hong Kong Stock Exchange. 

Cheung. “The other steps we have taken in a post-Enron world 

are amending the Professional Accountants Ordinance, and 

including non-accountants in our governing Council and in our 

The Institute will continue to regulate its members and keep its 

investigatory power over the audits of non-listed companies. The 

Financial Reporting Council will have the added authority to 

investigation and disciplinary processes in order to increase the 

objectivity and transparency of our regulatory and governance 

processes. 

investigate complaints concerning standards of financial reporting 

and audits of listed companies. The Hong Kong Institute of CPAs 

will continue to monitor the published financial statements of 

listed companies and will refer cases of suspect practices to the 

FRC. 

“As the statutory body for the accounting profession, the Hong 

Kong Institute of CPAs has demonstrated its willingness to share 

its regulatory powers while at the same time shouldering part of 

the responsibility and financing of this very important work to 

ensure the regulatory regime is credible and effective.” 

“We started our regulatory reform more than three years ago, 

and the establishment of the FRC completes the process,” says 

(Extracted from Hong Kong Institute of CPAs Website) 

China Accounting Standards Committee and Hong Kong Institute of CPAs Sign 

Joint Statement on Standards Convergence 

Hong Kong, 12 May 2006 — Mr. Wang Jun, Secretary-General 

of China Accounting Standards Committee (Committee) and 

After the meeting, Mr. Liu Yuting and Ms. Winnie Cheung signed 

a joint statement on accounting standards convergence. 

Mr. Liu Yuting, Director-General, Administrative Office of the 

Committee, held a meeting with Mr. Paul M.P. Chan, President of 

the Hong Kong Institute of CPAs (the Institute) and Ms. Winnie 

Cheung, Chief Executive and Registrar of the Institute in Hong 

In this statement, both sides agreed that the new China 

Accounting Standards have substantially converged with the 

Hong Kong Financial Reporting Standards. 

Kong on accounting standards convergence. 

(Extracted from Hong Kong Institute of CPAs Website) 

JAPAN 

sTATement In Response To The Administrative Action 

On ChuoAoyama PricewaterhouseCoopers 

The Financial Services Agency (FSA) announced that it 

has decided to take administrative action on ChuoAoyama 

Pricewaterhouse Coopers, by way of ordering it to suspend part of 

its business for two months between July and August 2006, and by 

ordering the revocation of certification, or one-year suspension, of 

the certified public accountants (CPAs) who were lead partners 

in connection with the alleged misstatement of Kanebo. The 

JICPA will make every effort to minimize the impact on capital 

markets. JICPA accept this administrative action with the utmost 

seriousness and reaffirm its commitment to improve professional 

accountants’ services and heighten their awareness of the code 

of ethics by strengthening self-regulation in order to recover 

confidence in CPA audits quickly and respond to the expectation 

of the public. 

considerable impact of this case and of the administrative action 

on capital markets and all companies affected is much regretted. 

11


JAPAN 

Upon the arrests of the three auditors of 

Kanebo, Mr. Tsuguoki (Aki) Fujinuma, 

strengthen the functions of self-regulation will be put before the 

General Assembly in early July 2006. 

Chairman and President of the Japanese 

Aki Fujinuma 

Institute of Certified Public Accountants 

(JICPA) issued several statements in 

response to the administrative action on 

ChuoAoyama PricewaterhouseCoopers. 

On September 16, 2005, a statement was 

JICPA plans to make further revisions to their Constitution and 

relevant rules and regulations concerning the establishment of 

the Center for Listed Company 

Audit Firms, and the comprehensive amendment of the Code of 

Ethics, in order to submit them to the Special Assembly which is 

issued to urge all JICPA members who perform audits to realize 

due to convene in the autumn of this year. 

what the public expects of CPAs and to perform their audits fairly 

and strictly as independent auditors. 

JICPA believes that the various self-regulatory measures under 

consideration will effectively function in unison with the raft of 

In the statements issued on April 6, 2006, JICPA presented plans 

for the establishment of the Center for Listed Company Audit 

Firms and the introduction of registration of the firms. JICPA is in 

the process of considering a series of concrete measures including 

the proposed amendments to the Constitution of JICPA which 

measures implemented since the amended CPA Law was made 

effective on April 1, 2004, and are certain that public confidence 

in CPA audits will be restored and that monitoring by the Certified 

Public Accountants and Auditing Oversight Board (CPAAOB) 

will maintain and improve audit quality. 

addressed the reforms of the organization and governance to 

(Extracted from Japanese Institute of CPAs Website) 

MALAYSIA 

iFAC, In Collaboration With MIA Issues Paper On Developing 

Business Plans For Small And Medium Entities 

June 27, 2006 - The International Federation of Accountants’ 

(IFAC) Professional Accountants in Business (PAIB) Committee 

has released a new information paper, Business Planning Guide: 

Practical Application for SMEs, that provides guidance on 

developing a business plan for small and medium entities (SMEs), 

including how to develop a corporate values statement and manage 

The publication provides practical guidance that will help SMEs 

to understand their own business and industry, enabling them to 

better evaluate the business potentials and their associated risks. 

It will also be useful to Small and Medium-Sized Practitioners 

(SMPs) that are providing professional accounting services to 

SMEs. 

business risks. 

It complements an earlier IFAC publication, Setting Strategic 

The PAIB Committee identified a practical business planning 

guide as a very useful tool for management, principally but not 

exclusively, operating in the Small and Medium-Sized Enterprise 

(SME) area of the market. The topic was selected in recognition 

Directions in the Small and Medium Enterprises: A Guide for 

Professional Accounting Advisors which was aimed at assisting 

managers working in SMEs and the practicing accountants 

engaged in advising SMEs. 

of the role and importance of SMEs in the development of an 

economy. This project was carried out in collaboration with the 

Malaysian Institute of Accountants (MIA). 

The information paper can be downloaded free-of-charge from 

the IFAC on-line bookstore at www.ifac.org/store. 

12


PAKISTAN 

University of Finance and Accounting Planned in Pakistan 

The Council of the Institute of Chartered Accountants of Pakistan 

(ICAP) has decided to form a sub-committee, comprising the 

ICAP President, Syed Shabbar Zaidi, and other council members 

to prepare a report for the establishment of a state-of-the-art 

university of finance and accounting. 

General Pervaiz Musharraf, President of Pakistan acknowledged 

the need for a state of the art University of Accounting and Finance 

to improve human development in this field and emphasized the 

need for promoting professional accounting education in the 

country. He asked the institute to play a major role in this regard 

including establishment of a university for the purpose. 

The ICAP plans a formal launching of the university at the time 

of visit of President Pervez Musharraf to the institute for which a 

date is yet to be decided. 

Mr. Shaukat Aziz, Prime Minister of Pakistan discussed at 

length the national and international issues being faced by the 

accounting profession. He observed that there is an acute shortage 

The President of Pakistan and the Prime Minister of Pakistan met 

with Mr. Graham Ward, President of the International Federation 

of Accountants (IFAC), and Mr. Ian Ball, Chief Executive of 

IFAC along with Syed Shabbar Zaidi, ICAP President, Mr. 

Abdullah Yousuf, Chairman, Central Board of Revenue and ICAP 

of Chartered Accountants in the country and there is a need for 

an all out campaign to increase awareness about the profession. 

On the President Musharraf’s directive, the Higher Education 

Commission in its letter had asked the ICAP to submit a formal 

proposal for establishment of the university. 

Council Member and Mr. Razi-ur-Rahman Khan, Chairman 

Securities & Exchange Commission of Pakistan and the ICAP 

(Extracted from ICAP website) 

Council Member, in their offices in Rawalpindi and Islamabad, 

respectively on February 3, 2006. 

UNITED KINGDOM 

Asia Pacific CFOs Demand Strong Ethical Code 

July 25, 2006 - Called Corporate Governance, Business Ethics and 

the CFO, the report explores the influence of the Asia Pacific CFO 

on building an ethical culture in companies, looking at subjects 

as diverse as the importance of ethics today to the barriers to 

their implementation, especially in the light of increased global 

regulation. 

vital to good corporate governance and many company boards 

are increasingly aware of the need to have the right ethical 

culture. These factors are certainly borne out in this research. I 

am particularly encouraged to see that CFOs in the Asia Pacific 

region share the belief in the growing importance of ethics in the 

workplace, and that CFOs in this region are playing an integral 

role in driving good practice.” 

The report suggests the role of the CFO is still evolving, with many 

CFOs seeking clarity on the role they should be playing with regards 

to responsibility for ethical behaviour in the workplace. Nearly 

70% said that they should set a good ethical example, while more 

than half feel they should drive the integration of ethical values 

into board and senior management decision-making. 18% said 

that ensuring an ethical environment is vital to them personally 

and a further 52% said this is very important to them. 

Tom Leander, Editor of CFO Asia magazine, said: “It’s commonly 

assumed that the Asian growth story has put ethics on the back 

burner. In fact, the research shows that CFOs in Asia’s companies 

see building an ethical culture as a fundamental aspect of their 

job. But the research also suggests that this process is still largely 

intangible, and that providing systems of accountability for ethical 

practice should be the next step in an evolutionary journey that 

has already begun.” 

Allen Blewitt, Chief Executive of ACCA, said: “Good ethics are 

13



Key findings show: 

1. The importance of ethics today 

• Some 16% of survey respondents report their company is still 

without a code of conduct or ethics, although they expect the 

issue to be addressed in the coming year. 

• More than two thirds (68%) of CFOs say that creating a 

culture of integrity is still among the three most important 

ethical issues facing their company. The remaining 32% saying 

this is a top priority. 

• Tackling actual or suspected fraud or theft is cited as the top 

concern by only 5% of respondents, and tackling bribery by 

only 4%. More CFOs are concerned with preventing fraud in 

the first place. 

• 28% of CFOS say that resolving or removing conflicts of 

interest in business relationships remains a top-three cause 

for concern. For 18% of respondents, finding common ground 

among the different standards and values in different cultures 

or geographic locations is a challenge. 

2. Responsibility 

• CFOs are charged with strategic responsibility in just 19% of 

companies – ranking them below company secretaries (35%) 

and chairmen (32%). Barely a third - 30% - say that as CFO 

they hold overall day-to-day responsibility for ensuring ethical 

practice. 

• However most CFOs believe their role is recognised at a 

corporate level. Over half (56%) say their company considers 

their role to be very important, and a further 21% claim that 

their title is seen as vital. Only a small minority - 3% - feel 

that the role of the CFO on ethical issues is “fairly 

unimportant”. 

• More than half of CFOs consider they should be the driver 

of key measures such as helping to establish a code of ethics, 

the integration of ethical values into board and senior 

management decision making, and providing protection for 

staff who raise ethical concerns. 

3. Ethical Practice 

• Three quarters of CFOs say their companies have instituted 

a written code of ethical policies – meaning one in four lack 

even a general mantra for ethical behaviour. 

• 70% of companies require senior staff members to certify 

adherence to an ethics policy / code of ethics, and three out 

of four CFOs demand that ethical matters are routinely 

taken into account when the board and senior management 

make decisions. 

• 50% of the companies surveyed still do not have proper 

mechanisms in place to protect whistleblowers, although 

65% of respondents said procedures are in place for looking 

after staff that raise ethical concerns 

• Nearly 60% of respondents said that time and effort involved 

in developing and improving ethical practices inside their 

company is the biggest hurdle, indicating the intensifying 

pressure on the CFO role, while only 6% of CFOs blame 

the concentration of share ownership in family-controlled 

companies or the transparency of the ownership structure 

- 14% - as a barrier to ethical practices. 

4. Influence of an ethical corporate culture 

• When asked about the key drivers for change for the 

development of good ethical practices, 47% of respondents 

cited government, then corporate governance institutes 

came a close second at 46%, then professional accounting 

bodies, peer pressure from the example set by the global 

500 multinational companies. 

• Investor activism is still on the nascent in Asia, with just 

7% of respondents saying they feel pressure from investors 

above all else, which suggests governance and ethical 

issues pale in comparison to traditional shareholder 

concern fro profit and dividends 

5. Advice and Regulation 

• CFOs turn to a variety of sources for advice and guidance 

– 22% say they turn first to their external auditor as a trusted 

guide. Only 7% of companies turn to a Big Four firm that 

is not the external auditor. 

• Only a fifth of CFOs surveyed work for companies that 

are based or listed in the USA. Yet almost half (47%) of 

those surveyed believe that Sarbanes Oxley has had a 

positive global effect on business ethics. 

(Extracted from ACCA website) 

14



SII and ACCA sign global partnership agreement 

July 28, 2006 - The Securities & Investment Institute (SII) and 

ACCA have signed a global partnership agreement. Under the 

agreement, the two organisations will co-operate, collaborate and 

share resources around the world to support the work of nearly 

130,000 finance professionals. 

about the prospect of our two bodies working together. We have 

the highest regard for the work and achievements of SII and we 

share much in common, including a commitment to promoting 

the highest ethical standards in the financial profession and to 

working in the public interest at all times. At a time when there is 

greater demand for transparency from investors and stakeholders, 

It has been agreed that ACCA will offer SII exams and 

qualifications to members around the world and SII will offer 

there is much we can achieve for the benefit of our members and 

for the public in whose interest they work.’ 

advantageous terms for ACCA members and affiliates to also 

become SII members. Both organisations intend to work together 

to deliver improved services and resources to members, including 

CPD events. 

Simon Culhane, Chief Executive Officer of the SII, said: ‘We are 

delighted to be working with ACCA who share our commitment 

to professional standards and career progression for industry 

staff.’ 

ACCA Chief Executive Allen Blewitt, said: ‘We are very excited 

IFAC NEWS 

IFAC Publishes Collection of Award-Winning Articles on Finance and 

Management Accounting Topics 

New York, August 01, 2006 - The Professional Accountants in 

management. 

Business (PAIB) Committee of the International Federation of 

Accountants (IFAC) has released its 2006 Articles of Merit, a 

collection of award-winning international articles on topics such 

as performance measurement, sustainability and corporate social 

responsibility, and the changing roles of accounting and finance 

professionals. This collection includes 10 previously published 

articles that were selected by the PAIB Committee as part of 

its annual Articles of Merit Award Program for Distinguished 

Contribution to Management Accounting. 

Other articles of outstanding merit were first published in the 

American Institute of Certified Public Accountants’ Journal 

of Accountancy; the Chartered Institute of Management 

Accountants’ (UK) Financial Management; CMA Canada’s CMA 

Management, CPA Australia’s Australian Accounting Review; 

the Institute of Chartered Accountants in England and Wales’ 

Performance Measurement, Finance & Management Special 

Report; and the Institute of Management Accountants’ (US) 

Strategic Finance. 

The winning article for 2006 is “Performance Measures in Supply 

Chains” by Kim Langfield-Smith and David Smith, which was 

first published in CPA Australia’s Australian Accounting Review. 

The article examines the benefits and challenges of supply chain 

The 2006 Articles of Merit, together with past issues, may be 

downloaded free-of-charge from the IFAC online bookstore: 

http://www.ifac.org/store. 

15

IFAC NEWS 

IFAC STRENGTHENS INTERNATIONAL CODE OF ETHICS; 

CLARIFIES GUIDANCE FOR NETWORK FIRMS 

New York, July 31, 2006 – An important objective of the 

International Ethics Standards Board for Accountants (IESBA), 

an independent standard-setting board within the International 

Federation of Accountants (IFAC), is to provide auditors with 

clear guidance on matters of independence. In keeping with 

this commitment, the IESBA has revised the Code of Ethics for 

Professional Accountants by updating the definition of a network 

firm. Network firms are required to be independent of an audit 

client of another firm within the network. 

“The revised definition focuses on how networks operate and how 

they present themselves to third parties,” states Richard George, 

IESBA Chair. “The public has a right to expect that when firms 

are part of a network the independence requirements apply to 

the other firms within the network. This revision provides clear 

guidance for firms and contains additional information on the 

application of the definition.” 

The revised definition is consistent with the definition in the 

European Union’s Eighth Company Law Directive. It would 

classify firms as network firms if the firms belong to a larger structure 

that is aimed at cooperation and is clearly aimed at profit or cost 

sharing, or shares common ownership, control or management, 

common quality control policies and procedures, common business 

strategy, the use of a common brand-name or a significant part of 

professional resources. 

The revised definition is effective for assurance reports dated on 

or after December 31, 2008. 

The Code of Ethics for Professional Accountants and the revision 

can be downloaded free-of-charge from the IFAC online bookstore 

at http://www.ifac.org/store/Category.tmplCategory=Ethics. 

New Standard on Auditor Competence issued by IFAC’s 

International Accounting Education Standards Board 

New York, July 05, 2006 - Recognizing that the quality of auditors’ 

performance is dependent, in great part, on their education and 

training, the International Accounting Education Standards 

Board (IAESB), an independent standard-setting board within 

the International Federation of Accountants (IFAC), has released 

a new standard outlining the skills, training, professional values, 

and attitudes necessary for auditors to perform competently. 

International Education Standard (IES) 8, Competence 

Requirements for Audit Professionals, applies to all audit 

professionals, not just the audit engagement partner. It also 

prescribes specific competence requirements for audit professionals 

involved in transnational audits. 

“A primary way that the accountancy profession protects the 

public interest is by requiring that all audit professionals have the 

necessary skills and training to perform their roles effectively,” 

states Henry Saville, IAESB Chair. “The public has a right to 

expect that all audit professionals are properly trained and can be 

relied upon to perform competently throughout their careers.” 

Effective July 1, 2008, IFAC member bodies will be expected 

to modify their policies and procedures to ensure that audit 

professionals meet the requirements of IES 8. These requirements 

include having advanced level knowledge of audit and financial 

reporting; relevant information technology knowledge; and the 

professional skills and professional values, ethics and attitudes 

expected from audit professionals. 

IES 8 will also impact the education of new audit professionals. 

Education and development programs for new audit professionals 

will need to comply with the new standard’s requirements and may 

need immediate revision to ensure that they are operational well 

before the effective date of July 1, 2008. The standard requires 

professional accountants taking on the role of audit professional 

to undertake a period of practical experience in audit and to 

undergo an assessment of capabilities and competence before they 

assume such a role. 

IES 8, Competence Requirements for Audit Professionals, can 

be downloaded free-of-charge from the IFAC online bookstore at 

http://www.ifac.org/store. 

16

IFAC NEWS 

IFAC Board Supports SMPs and SMEs; Selects Site for 

2010 World Congress of Accountants 

New York - June 06, 2006 - At its meeting last week in Beijing, 

China, the Board of the International Federation of Accountants 

(IFAC) took actions to support small and medium enterprises, 

approved Kuala Lumpur as the site for the 2010 World Congress 

of Accountants, and made progress on other initiatives designed 

to support professional accountants in business and developing 

nations and to facilitate convergence to international standards. 

In addition, IFAC President Graham Ward and Deputy President 

Fermín del Valle made presentations at a CICPA Forum on 

governance and the development of accounting firms. 

“This was the IFAC Board’s first meeting in China and it was 

significant for several reasons,” states Graham Ward. “It recognized 

China’s growing role in the international marketplace, its recent 

decision to converge to International Financial Reporting 

Standards and International Standards on Auditing (ISAs), and 

its increasingly active role within IFAC.” 

Prior to the Board meeting, the Chinese Institute of Certified 

Public Accountants (CICPA) hosted a forum on governance 

and the development of accounting firms. Both IFAC President 

Graham Ward and Deputy President Fermín del Valle were 

speakers at this event. In addition, during the IFAC Board meeting, 

Mr. Li Rongcan, Director General, Department of Planning 

and Finance, Ministry of Commerce of the People’s Republic 

of China, and Mr. Liu Yuting, Director General, Accounting 

Regulatory Department, Ministry of Finance, People’s Republic of 

China, addressed Board members on the development of Chinese 

accounting standard setting, the importance of convergence, and 

the trade policy of China. 

“This type of interaction is vital to understanding how IFAC 

can best support nations like China in the development of the 

profession,” states Graham Ward. 

Supporting SMEs 

Recognizing the challenges faced by small and medium practices 

(SMPs) in applying ISAs to the audits of small and medium 

enterprises (SMEs), the IFAC Board approved a project to develop 

guidance materials on ISAs for use in SME audit engagements. 

This new guidance will be based on ISAs effective as of December 

31, 2006 and is scheduled for publication in early 2007. 

World Congress 

The Board selected Kuala Lumpur, Malaysia as the site of the next 

World Congress of Accountants after an extensive on-site review of 

five potential sites recommended by national accountancy bodies. 

The support of the national profession along with the location, 

quality of facilities, and infrastructure, including transportation, 

were all factors in the final determination. 

Other Initiatives 

In addition to the above, the Board expressed support of the 

following: 

• The development of a new web-based resource, the IFAC 

KnowledgeNet for Professional Accountants in Business, 

which will be launched on October 2 in conjunction with 

the next meeting of IFAC’s Professional Accountants in 

Business Committee; 

• The work of the Developing Nations Committee, especially 

its project to organize a global forum in Africa in September 

to discuss how IFAC, members of the profession, international 

funding agencies and others can work together to develop 

accountancy capacity; and 

• The International Auditing and Assurance Standards 

Board’s “Clarity Project,” designed to enhance the readability 

and understandability of International Standards on 

Auditing. 

17

NEW APPOINTMENTS 

CANADA 

Former CEO of PwC Canada Assumes Helm 

at Canadian Institute of Chartered Accountants 

Toronto, June 26, 2006 – Kevin J. Dancey, 

FCA, former CEO of PwC Canada is the 

new President and CEO of the Canadian 

influence the continuous enhancement of best financial reporting 

and management practices for the accounting profession 

worldwide.” 

Institute of Chartered Accountants (CICA). 

Mr. Dancey succeeds David W. Smith, 

FCA. 

Born in Oshawa, Ontario, Dancey graduated from McMaster 

University in 1972 with a BA (Hon) in mathematics and 

Kevin J. Dancey 

“This is an exciting time for Canada’s 

economics. He became a CA in 1975 and was awarded his FCA 

in 2000. Dancey began his career at Coopers & Lybrand in 1973, 

leading accounting profession,” says Dancey. “Canada’s Chartered 

Accountants (CAs) are working closely with international, national 

and provincial organizations to enhance the competitiveness of our 

country by strengthening public trust, accountability, transparency 

became a partner in 1980 and was appointed head of the National 

Tax Practice in 1988. In 2001, Kevin was elected CEO and Senior 

Partner of PwC Canada and became a member of the PwC global 

leadership team. 

and the efficiency of our capital markets.” 

Dancey’s experience also includes working with the Federal 

There are close to 70,000 accountants in Canada today who 

hold the coveted Chartered Accountant designation. CAs hold 

senior positions on senior management and executive teams in 

all business segments across the country. More than 60% of CAs 

work outside of public practice in industry, government or in 

Government as part of the Executive Interchange Program. 

Between the years of 1985 and 1987, he was a special adviser to 

the Federal Department of Finance. From 1993 to 1995, he served 

as Assistant Deputy Minister of Finance in the Tax Policy Branch 

of the Federal Department of Finance. 

education. 

Dancey is also a member of the Council of Governors of the 

“Canadian CAs are trusted business advisors valued for 

their financial expertise, strategic thinking, business insight, 

Canadian Public Accountability Board and the External Advisory 

Panel for the Comptroller General. 

leadership and values,” says Dancey. “Canadian CAs also 

INDIA 

New President and Vice-President of ICWAI for 2006-2007 

The Council of the Institute of Cost and 

Works Accountants of India (ICWAI) in 

its 232nd Meeting held on 22nd July, 2006 

at Kolkata elected Mr. Dhananjay V. Joshi 

and Mr. Chandra Wadhwa as President and 

of India. He is a practicing Cost Accountant for more than 25 

years in Pune. He initiated the formation of “Technical Advisory 

Board” of the ICWAI and was the first chairman of this Board 

which renders technical advice, gives opinions and clarifications 

on queries raised by the professionals and industries. 

Dhananjay V. Joshi 

Vice-President of the Institute respectively, 

for the year 2006-2007. 

Mr Dhananjay Vishnu Joshi is a Fellow 

Shri Joshi is a renowned management educationist. He is the 

co-author of the book titled Activity Based Costing and was 

the chief resource person on “Guidance Notes to Cost Audit”, 

Member of ICWAI, as well as the Institute of Company Secretaries 

published by ICWAI. 

18


INDIA 

Mr Joshi has actively participated and completed various 

Research Projects carried out by the Institute having social 

Fellow Member of ICWAI as well as the Institute of Company 

Secretaries of India. 

economic significance such as Cost of Medical Education, 

Power Tariff Fixation, Projects for Khadi & Village Industries 

Commission and Reserve Bank of India. On a personal basis, he 

is Promoter-Director of Sahyadri Hospitals 

Ltd., a specialty hospital in Pune, Managing 

Trustee/Secretary of Yeshwant Educational 

Services – a trust devoted to education in 

rural Maharashtra. 

Before starting his practice Mr Wadhwa served on several public 

and private sector organizations in senior positions. He is the 

Chairman of the Task Force formed by the Ministry of Company 

Affairs for The Institute of Valuers, Member of the Committee of 

CII on WTO, Member of the Committee formed by the Ministry 

of Commerce on Indo-UK Accountancy Sector, Member of 

the Committee formed by the Ministry of Company Affairs on 

Opening of Accountancy Sector in GATS regime. 

Mr Chandra Wadhwa is a practising Cost 

Chandra Wadhwa 

Accountant from New Delhi who is a 

KOREA 

Taesik Suh Re-elected As KICPA President 

June 29, 2006 - On June 6, the Korean 

Institute of Certified Public Accountants 

second is to carry on a project to strengthen the international 

competitiveness of the accounting and audit industry”. 

(KICPA) convened the General Assembly 

Taesik Suh 

meeting of more than 3,000 members from 

accounting firms in Korea. An important 

event of the Assembly was the election of 

President and Vice president of KICPA. 

He continued “During the past years, our accountants are devoted 

themselves to increase the credibility of financial reporting, 

contributing to the economic development. Unfortunately, 

however, our reputation has been affected in a negative way by 

a series of corporate failures. Although there are some critical 

In the Assembly, Taesik Suh, President of KICPA was re-elected 

to serve his second three-year term from 2006 to 2008. Taesik 

Suh said: “I am much honored to be re-elected as President of 

views of ethical issues of CPAs, I will devote myself to renew the 

public trust in CPAs and boost the positioning of Korean CPAs 

in business and industry.” 

the KICPA. I believe today’s election is a testament that most 

of the 10,000 Korean CPAs have shared and upheld my vision of 

maintaining and enhancing the positioning of CPAs in Korea.” 

Taesik Suh, Founder and Chairman of Samil Pricewaterhouse- 

Coopers is a Past President of CAPA. 

Mr. Suh also said “I’d like to suggest two key strategies to renew a 

broad appreciation of the value of our profession. The first strategy 

is to set up a ‘KICPA Ombudsman for Ethics’ which should take 

In the Assembly, Ou-hyung Kwon, Member of Sam-Duck 

Accounting Corp, was also reelected to serve his three-year second 

term as Vice President. 

an important role to rebuild a public faith in our profession. The 

19


NEPAL 

New Leaders for ICAN 

Mr. Binod Bahadur Rajbhandary, FCA and 

Mr. Ratna Raj Bajracharya , FCA have 

the President of Lions Club of Kathmandu Metro, he is now an 

active member of Rotary Club of Kasthmandup. 

been elected President and Vice President 

of ICAN Council for the period of 2006- 

2007. 

Mr. Ratna Raj Bajracharya, FCA, M.Com. 

(TU, Nepal) is a qualified Chartered 

Binod Bahadur 

Rajbhandary 

Mr. Binod B. Rajbhandary, FCA qualified as 

Chartered Accountancy from the Institute 

of Chartered Accountants of India in May 

Accountant from the Institute of Chartered 

Accountants of India in May 1984. 

He started his career from the Nepal Rastra 

1986. He served his articled training with Price Waterhouse 

(PricewaterhouseCoopers), India while pursuing Chartered 

Ratna Raj Bajracharya 

Bank (Central Bank). After serving for 

20 years in various senior positions in the 

Accountancy. 

Bank, he founded the professional accounting firm R Bajracharya 

& Co., Chartered Accountants in 1992 and since then he is in 

Mr. Rajbhandary is very much dedicated to promotion and 

practice. 

development of accounting profession in Nepal. In the years 2000 

to 2001, he became the President of the Association of Chartered 

Accountants of Nepal (ACAN) and served on the Securities 

Board of Nepal. 

Recently, he has completed the assignment as senior national 

consultant for ICC Bank (now Bank of Scotland) in reconstruction 

of one of the biggest bank, the Nepal Bank Ltd under the World 

Bank Project. 

He played an instrumental role in establishing the Institute 

of Chartered Accountants of Nepal (ICAN). Since ICAN’s 

inception, he has contributed towards strengthening and 

institution building of the ICAN. He is one of the founding 

members of the Accounting Standards Board constituted by the 

Government of Nepal, which he is involved for 3 years from 2003 

to 2006. 

Mr. Bajracharya is very much dedicated to promotion and 

development of accounting profession in Nepal. He became the 

President of the Association of Chartered Accountants of Nepal 

(ACAN) in 1995-1996. During this period, ACAN was successful 

in persuading Government of Nepal to approve legislation for 

establishing ICAN. 

He also takes active interest in the social service. After serving as 

20

W E B S I T E S O F C A P A M E M B E R S 

• CPA Australia 

http://www.cpaaustralia.com.au 

w e b s i t e s 

• The Institute of Chartered Accountants in Australia 

http://www.icaa.org.au 

• The Institute of Chartered Accountants of Bangladesh 

http://www.icab-bd.org 

• The Institute of Cost and Management Accountants of Bangladesh 

http://www.icmab.org.bd 

• The Canadian Institute of Chartered Accountants 

http://www.cica.ca 

• Certified General Accountants’ Association of Canada 

http://www.cga-online.org 

• The Chinese Institute of Certified Public Accountants 

http://www.cicpa.org.cn 

• Fiji Institute of Accountants 

http://www.fia.org.fj 

• Compagnie Nationale des Commissaires Aux Comptes 

http://www.cncc.fr 

• Conseil Superieur des l’Ordre des Experts-Comptables 

http://www.experts-comptables.com 

• Hong Kong Institute of Certified Public Accountants 

http://www.hkicpa.org.hk 

• The Institute of Chartered Accountants of India 

http://www.icai.org 

• The Institute of Cost and Works Accountants of India 

http://www.myicwai.com 

• The Japanese Institute of Certified Public Accountants 

http://www.jicpa.or.jp 

• Korean Institute of Certified Public Accountants 

http://kicpa.or.kr 

• Malaysian Institute of Accountants 

http://www.mia.org.my 

• Institute of Chartered Accountants of Nepal 

http://www.ican.org.np 

• Institute of Chartered Accountants of New Zealand 

http://www.icanz.co.nz 

• The Institute of Chartered Accountants of Pakistan 

http://www.icap.org.pk 

• The Institute of Cost and Management Accountants of Pakistan 

http://www.icmap.com.pk 

• Philippine Institute of Certified Public Accountants 

http://www.picpa.com.ph 

• Institute of Professional Accountants of Samara Region 

http://sipa.org.ru 

• The Institute of Chartered Accountants of Sri Lanka 

http://www.icasrilanka.com 

• Association of Accounting Technicians of Sri Lanka 

http://www.aatsl.lk 

• Association of Accounting Technicians Limited 

http://www.aat.org.uk 

• Hong Kong Institute of Accredited Accounting Technicians 

http://www.hkiaat.org 

• The Association of Chartered Certified Accountants 

http://www.accaglobal.com 

21

P R E S I D E N T S 

Gordon M. Macwhinnie 

September 1976 - October 1979 (Hong Kong) 

Eduardo M. Villanueva* 

October 1979 - November 1983 (Philippines) 

Niladri K. Bose* 

November 1983 - May 1985 (India) 

Hiroshi Kawakita 

May 1986 - May 1988 (Japan) 

John O. Miller 

May 1985 - November 1986 (Australia) 

Rex A. Anderson* 

May 1988 - September 1989 (New Zealand) 

Taesik Suh 

September 1989 - October 1991 (Korea) 

William Mercer 

October 1991 - September 1993 (Canada) 

Douglas C. Oxley 

September 1993 - April 1995 (Hong Kong) 

Soon Kwai Choy 

April 1995 - October 1996 (Malaysia) 

Robert J. C. Jeffery 

October 1996 - October 1998 (Australia) 

Carlos R Alindada 

October 1998 - November 2000 (Philippines) 

Ranel T. Wijesinha 

November 2000 – April 2002 (Sri Lanka) 

Li Yong 

April 2002 - October 2003 (China) 

Robin Hamilton Harding 

October 2003 – November 2005 (Canada) 

* deceased 

Shozo Yamazaki 

November 2005 – October 2007 (Japan) 

22

C A L E N D A R 

September 28-29, 2006 

CAPA Strategy Meeting 

Venue: Manila, Philippines 

Host: Asian Development Bank 

November 11, 2006 

CAPA Excom meeting & Annual General Meeting 

Venue: Istanbul, Turkey 

September 30, 2006 

Various CAPA Committee meetings 

Venue: Manila, Philippines 

Host: Asian Development Bank 

October 20 – 21, 2006 

10th CPA Australia Asian Regional Conference 

Venue: Hong Kong 

Host: CPA Australia 

Theme: “China's Effect on Asian Economies 

'Discover the Truth'” 

For more information, visit this website 

http://www.cpaaustralia.com.au/linksAsiaConference 

or for general enquiries about the event, please 

contact May Wong, CPD & Events Executive, 

tel: +852 2891 3312, 

fax: +852 2832 9167 or 

email: hk@cpaaustralia.com.au 

October 31 - November 1, 2006 

National Accountants Conference 2006 

Venue: Kuala Lumpur Convention Center, Malaysia 

Host: Malaysian Institute of Accountants 

Theme: "Accountants - Generating Growth, Building 

Confidence" 

For more information, visit 

http://www.mia.org.my/nac2006 

November 13-16, 2006 

XVII World Congress of Accountants 

Venue: Istanbul, Turkey 

Host: Union of Chambers of Certified Public 

Accountants of Turkey and Expert Accountants 

Association of Turkey 

Theme: “Generating Economic Growth and Stability 

Worldwide” 

http://www.wcoa2006istanbul.org.tr 

May 2007 

CAPA Excom meeting & Various CAPA 

Committee meetings 

Venue: Pakistan 

Host: The Institute of Chartered Accountants of 

Pakistan 

October 3-5, 2007 

17th CAPA Conference 

Venue: Osaka International Convention Center, 

Osaka, Japan 

Host: Japanese Institute of 

Certified Public Accountants 

Theme: “How Professional 

Accountants Can Develop 

The Asian Economy” 

For more information on 

the 17th CAPA Conference, 

visit this website. 

http://www.capaosaka.com 

23

PARTICIPANTS 

Shozo Yamazaki 

President 

Leong Chew Poon 

Chief Executive 

• Australia 

Geoff Brayshaw, Representative 

Jim Dickson, Technical Advisor 

Graham Meyer, Technical Advisor 

Lucia Real-Martin, Observer 

• Bangladesh 

Prof Mumtaz Uddin Ahmed, Technical Advisor 

Prof Dr. Md. Abdul Hanan Mia, Technical 

Advisor 

• Canada 

Lyle Handfield, Representative 

• China 

Zhang Ge, Technical Advisor 

• Hong Kong 

Paul M.P. Chan, Representative 

Patrick Tam, Technical Advisor 

• India 

Ashok Haldia, Technical Advisor 

10th Board Meeting of CAPA Limited 

(67th Executive Committee Meeting) 

25-26 May 2006, Kuala Lumpur, Malaysia 

• Japan 

Kiyoshi Ichimura, Representative 

Yoichi Ota, Technical Advisor 

• Korea 

In-Ki Joo, Representative 

Taesik Suh, Technical Advisor 

& CAPA Past President 

• Malaysia 

Abdul Rahim Hamid, Representative 

Ho Foong Moi, Technical Advisor 

• Pakistan 

Nasim Hyder, Representative 

Imran Afzal, Technical Advisor 

• Philippines 

Manuel Pascual, Representative 

Pio D. Baconga, Technical Advisor 

• Sri Lanka 

P. Yohan S. Perera , Representative 

Sujeewa Mudalige, Technical Advisor 

• Non-Board Audit Committee Member 

Roy Tiffin, New Zealand (ICANZ) 

• Observers 

Douglas C. Oxley, CAPA Past President 

Soon Kwai Choy, CAPA Past President 

Robert Mednick, Chair, Compliance Advisory 

Panel, IFAC 

Kathleen Moktan, Director, Capacity 

Development and Governance Division, ADB 

Dr Susela Devi, CAPA Consultant 

James Kong Tze Wing, Hong Kong (HKICPA) 

Prof. Judy Tsui, Hong Kong (HKICPA) 

R.K. Jain, India (ICWAI) 

Narajan Bajaj, Nepal (ICAN) 

Binod. B. Rajbhandary, Nepal (ICAN) 

Pushpa Lall Shrestha, Nepal (ICAN) 

Benedict Morais, ACCA 

Ahmadi Hadibroto, AFA President 

Sunil Goyal, SAFA President 

Orieta Lau Ioc Ip, Macau (CRAC) 

Dorothy Lo Cheok Peng, Macau (CRAC) 

Isabel Wong Leok Pui, Macau (CRAC) 

Louisa Ho Mei Va, Macau (MSCPA) 

Cary Lei Chin Cheng, Macau (MSCPA) 

Philip Yeung Choi Kin, Macau (MSCPA) 

Raymond Bao King To, Macau (MSCPA) 

Maria Lei Iun Mei, Macau (MSCPA) 

Timothy Tang Tim, Macau (MSCPA) 

John Hunnicutt, USA 

24 

CAPA SECRETARIAT 

Level 3, Dewan Akauntan, 2 Jalan Tun Sambanthan 3, 50470 Kuala Lumpur MALAYSIA 

Tel : 603-2279 9380 Fax : 603-2274 9949 

email: capa@po.jaring.my http://www.capa.com.my

contents - Confederation of Asian and Pacific Accountants

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?