Hong Kong Institute of Certified Public Accountants Elects New President and Council

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1 Dear Assignment/Business Editor, Hong Kong Institute of Certified Public Accountants Elects New President and Council (Hong Kong, 15 December 2006) The Hong Kong Institute of Certified Pubic Accountants elected Mark Fong as president, and Albert S.C. Au and Paul F. Winkelmann as vice presidents for the year 2007 at its 34 th annual general meeting today. Fong has served on the Institute s council for eight years and was elected vice president for two consecutive years from Both Au and Winkelmann joined the Council in December Fong is senior partner of Moores Rowland Mazars. He joined the Institute s council in December 1998 and has served on many committees, including the ethics committee, which issued the Code of Ethics this year, representing the last step of convergence with the international code of ethics for professional accountants. He is a member of the fifth long range plan task force, which will steer the profession s way forward in the next five years. Au is managing director of BDO McCabe Lo Limited. Paul F. Winkelmann is partner of PricewaterhouseCoopers. Other newly elected members to the Hong Kong Institute of CPAs council are Chan Kam Wing, Clement; Chew Fook Aun; Cho Lung Pui Lan, Stella; Doug Oxley; Carlson Tong and Tsai Wing Chung, Philip. Catherine Leung, managing director and head of Hong Kong investment banking for J.P. Morgan Securities (Asia Pacific) Limited, joined the Institute s council in November 2006 as a government-appointed lay member for a two-year term, taking up the position left by Ms. Kao Ching-chi, Sophia, J.P., who has been appointed as the chair of Financial Reporting Council. Another lay member, Ambrose Cheung, executive director of Lai Sun Development Company Limited will replace Paul Chow who has resigned from the council, for a term of two years commencing 16 December Two other government-appointed lay members, C.K. Chow, CEO of MTR Corporation Limited, and John Poon Cho-ming, deputy chairman & group CFO of Esprit Holdings Limited, will continue the second year of their term. The two co-opted council members for 2007 are Paul K.K. Cheng and Thomas Y.T. Wong. The council is the governing body of the Hong Kong Institute of CPAs and sets policy carried out by the Institute. 37th Floor, Wu Chung House, Tel 電話 : (852) Web 網址 : Queen s Road East, Wanchai, Hong Kong Fax 傳真 : (852) 電郵 : hkicpa@hkicpa.org.hk 香港灣仔皇后大道東 213 號胡忠大廈三十七樓 (852)

2 Under the Professional Accountants Ordinance, the Hong Kong Institute of CPAs council comprises a maximum of 23 people, including 14 elected members, the immediate past president of the Institute, two co-opted members, two ex-officio members (i.e. the Financial Secretary or his representative and the Director of Accounting Services or his representative) and four lay persons appointed by the SAR Chief Executive. Outgoing council president Paul M.P. Chan said at the meeting that the Institute s work this year had raised the visibility of the Institute and the profession, and had contributed to the progress of the mainland s accountancy profession. We have completed our regulatory reform programme and we have the Financial Reporting Council and a revised practice review programme. Our QP is gaining prestige. We have signed new mutual recognition agreements which give our QP a footprint on five continents, which is unprecedented, he added. According to Mr. Chan, as part of an elite group of accounting institutes from major capital markets called the Global Accounting Alliance, the Institute is now an acknowledged global leader. End About Hong Kong Institute of Certified Public Accountants The Hong Kong Institute of CPAs is the only body in Hong Kong authorised by law to register and grant practising certificates to Certified Public Accountants in Hong Kong. The Institute has more than 26,000 members and over 10,000 registered students. Members of the Institute are entitled to the description Certified Public Accountant and to the designatory letters CPA. The Hong Kong Institute of CPAs evolved from the Hong Kong Society of Accountants, which was established on 1 January The Institute operates under the Professional Accountants Ordinance and works in the public interest. The Institute has wide-ranging responsibilities, including assuring the quality of entry into the profession through its postgraduate Qualification Programme and promulgating financial reporting, auditing and ethical standards in Hong Kong. The Institute has responsibility for regulating and promoting efficient accounting practices in Hong Kong to safeguard its leadership as an international financial centre.

3 Mr. Mark C. Fong Mr. Mark C. Fong is a fellow member of the Hong Kong Institute of Certified Public Accountants and senior partner of Moores Rowland Mazars. He has been a Council member of the Hong Kong Institute of CPAs since December 1998, and was elected vice president in 2005 and Mr. Fong is actively involved in the Institute s work. During the past two years, he has served as chairman, deputy chairman or member of the following committees and working groups of the Institute: - Ethics Committee - Governance Review Task Force - International Recognition Committee - Joint Government/Hong Kong Institute of CPAs Companies Ordinance Review Working Group - Mainland Affairs Committee - Registration and Practising Committee - Small and Medium Practitioners Committee

4 Mr. Paul F. Winkelmann Mr. Paul F. Winkelmann is a fellow member of the Hong Kong Institute of Certified Public Accountants and partner of PricewaterhouseCoopers. He has been a Council member of the Hong Kong Institute of CPAs since December Mr. Winkelmann is actively involved in the Institute s work. During the past two years, he has served as chairman, deputy chairman or member of the following committees and working groups of the Institute: - Accountants Report Task Force - Auditing and Assurance Standards Committee - Financial Reporting Council Bill Working Group - Financial Reporting Standards Committee - Hong Kong Institute of CPAs/SFC/HKEx Tripartite Meeting Liaison Group - International Recognition Committee - Joint Government/Hong Kong Institutes of CPAs Companies Ordinance Review Working Group - Practice Review Consultancy Steering Group - Professional Risk Management Committee - Registration and Practising Committee

5 Mr. Albert S.C. Au Mr. Albert S.C. Au is a fellow member of the Hong Kong Institute of Certified Public Accountants and managing director of BDO McCabe Lo Limited. He has been a Council member of the Hong Kong Institute of CPAs since December Mr. Au is actively involved in the Institute s work. During the past two years, he has served as chairman, deputy chairman or member of the following committees and working groups of the Institute: - Corporate Communications Committee - Editorial Board - Ethics Committee - Expert Panel on Legal Matters - Practice Review Committee - Small and Medium Practitioners Committee - Standard-setting Steering Board