September-October 2010 Network News

HONG KONG

UPCOMING EVENTS Luncheon talk organised by China Enterprises Economic Research Study Centre (CEERSC) and supported by CIMA- 'Cooperation between tertiary education sector and business community for improving competitiveness of Hong Kong' Senior executives from various industries (mainland and international corporations) as well as government officials from mainland China and local agencies will be present to share views on the latest economic scene and to co-mingle with fellow guests.

Date: Time: Venue:

Speaker: Fee: Registration:

Enquiries:

Friday 19 November 2010 12:15pm for 12:45pm start World Trade Centre Club Hong Kong (38/F., World Trade Centre, 280 Gloucester Road, Causeway Bay, Hong Kong) Dr Chui Hong Sheung, JP ( ), Principal of Hang Seng Management College $350 per person Please click here to download the registration form and fax to: 2964 9238 or email to vivienlai@ceersc.com or camdenrich2@gmail.com (Deadline: November 14, 2010) Please call Ms Lo of CEERSC at 2918 8751

Joint CIMA and CMA Canada monthly networking lunch The upcoming casual networking lunch in December 2010 is open to all members and students of CIMA and CMA Canada. This is a chance to catch up with old friends and meet new ones, so help us make this event enjoyable and bring your friends along too!

Date: Time: Venue: Fee: Registration:

Wednesday 8 December 2010 1.00-2.00pm 12/F The Chinese Club, 21 to 22 Connaught Road Central, Hong Kong Chinese lunch at HK$120 per person. Please settle your own bill.

A table is reserved under Mr Yau Yin Kwan, Joseph ( ) of CMA Canada. If you are interested to join us, please email priscilla.yu@cimaglobal.com

CIMA Masters Gateway Assessment (CMGA) information seminar CIMA has recently introduced an accelerated route for MBA holders to become a CIMA member. By just passing the CMGA, students will be exempted from 11 out of 15 papers of the CIMA professional examination. If you have friends or colleagues who would like to have more information regarding this please invite them to the below session: Date: Time: Venue: Enquires: Registration:

Tuesday 14 December 2010 7.00 – 8.30pm HKU SPACE Admiralty Learning Centre Scott Lee at 3741 1956 Please e-mail contact details to scott.lee@cimaglobal.com

CIMA HONG KONG

CIMA Hong Kong Newsletter September/October 2010

SEPTEMBER/OCTOBER 2010

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NEWS CIMAplus CIMAplus provides CIMA members with access to a package of tailored continuing professional development products and services.

Complementing the existing range of free CPD resources, CIMAplus respresents a significant financial saving. An annual subscription to CIMAplus costs £80 plus VAT. The total value of the products within the package would normally exceed £300.

You can learn more about CIMAplus and the individual products on offer by visiting www.cimaglobal.com/cimaplus.

Asia Pacific women in leadership report In our forthcoming report, 'Reflections from Asia Pacific leaders: strategies for career progression', successful CIMA female business leaders in the Asia Pacific region share their secrets about how to overcome barriers and reach the top, providing inspiring, encouraging and practical advice for both male and female leaders of the future. We are delighted to let you know that three Hong Kong members, Ms Theresa Chan ACMA (Corporate Finance Director, Warner Bros. Inc), Ms Amy Lam FCMA (Group Finance Director, Jardine Shipping Services & Divisional Council Member of CIMA Hong Kong) and Dr Irelan Tam FCMA (Regional Finance Director, Johnson & Johnson HK Ltd) will be featured in the upcoming issue.

A free copy of the report can be downloaded now at www.cimaglobal.com/women

Special offers for CIMA member/student Bloomsbury Books Ltd is delighted to renew the special offers for CIMA member/student until 30 June 2011. The discount matrix is as follows: ~ accounting titles published by BPP/Elsevier/FTC* ~ business titles* ~ selected law student titles* (*except special priced items)

20% discount 15% discount 10% discount

Discounts will be given only upon presentation of a valid CIMA Contact ID upon purchase. Proof of identity may also be requested by our shop staff.

Please contact Ms Debby Chue at 2877 3161 or email debby.chue@bloomsbury.com.hk for further queries.

CIMA is now on Facebook You can find a lot of CIMA recent events and a great connection to CIMA members on Facebook, you would also be surprised to see a lot of familiar faces in the CIMA albums there. Please visit the CIMA Hong Kong page on Facebook or type in http://www.facebook.com/pages/ Hong-Kong/CIMA-Hong-Kong/116665295032123 and add hongkong@cimaglobal.com to become a CIMA friend on Facebook and start developing your own social network.

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CIMA Hong Kong Newsletter September/October 2010

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The CIMA Global Business Challenge (GBC) is a global competition providing all undergraduate students at university a chance to develop their business sense through a case competition. Participants will first compete within Hong Kong, where the winning team will take up the challenge to compete with winners from 17 other regions.

Last year sponsors benefitted from: • all universities participated in Hong Kong • 600 students registered • 1,000 posters on display across all universities • 20,000+ emails sent out to undergraduates • media publicity on Metro, Headline, Singtao, Yahoo etc.

Why you should sponsor the CIMA GBC? By sponsoring the CIMA Global Business Challenge you could benefit from extensive brand awareness among university students, have the opportunity to recruit future global business leaders and help develop finance professionals in Hong Kong.

For more information on sponsorship, internship and supporting opportunities please contact Scott Lee at scott.lee@cimaglobal.com or 25112003.

In search of

sponsors and internships for future Hong Kong business leaders

Newsletter September/October 2010 Above: global finalistsCIMA fromHong the Kong CIMA Global Business Challenge 20103

STUDENT SERVICES CIMA student event - outing Relax after your November exams. We will be organising a student trip so that you can meet other fellow students and exchange the joys of studying for the CIMA examinations. The event packed day will include a BBQ lunch and lots of fun.

Date: Time: Venue: Fee:

Quota: Registration: Remarks:

Sunday, December 12, 2010 8.45am-5.30pm New Territories (Assemble/dismiss: Kowloon Tong MTR station) HK$50 for CIMA students HK$100 for friends of CIMA students (each CIMA student is eligible to bring along ONE friend to join the event) 50 persons To be further advised via email Places allocated on a first- come, first-served basis; CIMA reserves the right to change the details of the event.

Video presentation on exam techniques To help students better equip with exam skills, CIMA has launched a video presentation on exam techniques. Please click here to get access to the video.

HONG KONG PAST EVENTS ICAC seminar – From corruption prevention to ethics management - 9 September 2010 Invited by ICAC, the division organised a CPD seminar in the evening of 9 September at the ICAC building located in North Point. Mr Paul Chan, Divisional President of CIMA Hong Kong, delivered a welcoming address to all our members. This was followed by ICAC officer, Ms Diana Liu who presented a case study on analyzing corruption problem and dilemmas facing accounting professionals. This also covered some topics on tackling conflict of interests and corruption which was very relevant to a professional accountant.

At the end of the seminar, Diana and other ICAC officers led our members around a quick tour to the ICAC Exhibition Hall with information and displays of some major corruption cases that happened in Hong Kong. The tour was an eye-opener to all members and students.

CPD networking event on 'Private and commercial use of trust' - 13 September 2010 In the evening of 13 September, the division invited Mr Jimmy Pun FCMA, Managing Director of Scribe Trust and Fund Administration Group to share his experience on trust at the lecture theatre of the Chinese University of Hong Kong School of Continuing and Professional Studies learning centre. During the night, Jimmy illustrated how trust is used commercially such as unit trust and special vehicles; he also highlighted the purpose, procedure and considerations on setting up a private trust for the use of wealth management. This interesting topic drew a crowd of nearly 100 CIMA members and students.

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CIMA Hong Kong Newsletter September/October 2010

HONG KONG PAST EVENTS Joint evening event with IBM on 'Optimising finance - driven performance management by consolidation – reporting and analytics' - 29 September 2010 On 29 September the division collaborated on a networking and CPD event with IBM in the American Club. During the cocktail reception, members were able to network with each other and guests invited by IBM, this was followed by speakers from IBM sharing best practices on performance and financial reporting. To wrap up the event, our divisional council member, Dr Aidan Goddard FCMA shared his current work as the COO & CFO of L’Occitane with the topic “CFO empowerment”.

CIMA x CUHK SCS gathering dinner - 15 October 2010 To celebrate the success of the past 3 semesters of CIMA x CUHK SCS joint programme, a gathering dinner was organized on 15th October with over 30 students and graduates participated. We were most honored to have the presence of Ms Amy Lam FCMA, Divisional Council member, who is also the newly elected Chairman of Members and Students Services Committee. It was a colorful event with a lucky draw session followed by a remarkably violin and singing performances by Mr Henry Ha FCMA, one of the tutors of the joint programme and Mr Cameron Hon, student of the joint Advanced Professional Diploma programme.

Joint seminar with CPA Australia and HKU SPACE on 'The role of finance in business strategy' (Professional seminar series) - 19 October 2010 On 19 October 2010, we jointly organised a seminar on the emerging strategic role of the finance professional with CPA Australia and HKU SPACE. Mr Aubrey Joachim, the Immediate Past President of CIMA, explained why management and accounting are now inseparable and how management accountants can create more value by applying leading edge finance techniques with a high level of management expertise. This wonderful event received a full-house with over 130 participants.

The division also took the opportunity of Aubrey’s visit to conduct two in-house seminars for finance staff of the Hong Kong Jockey Club and Bank of China (Hong Kong).

CIMA Hong Kong Newsletter September/October 2010

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Best Practices for Internal Audit Maximising business value through operational excellence in audit, risk & corporate governance With the rise in high-profile corporate scandals and growing stakeholders’ expectations, internal auditors are seeing the need for audit excellence. Driven by rapidly changing business conditions and market pressures to improve operations, internal auditors are finding means to acquire best risk managament practices to establish holistic internal controls. Unsurprisingly, an effective internal audit function is seen as an avenue within the organisation to win stakeholders’ confidence and boost shareholders’ value.

Tay Kim Yam, Director and founder of Asia Pacific Advisory Services, stressed that ‘the increasing expectations of stakeholders, including regulators means that internal auditors have to step up in the execution of their responsibilities and hence, core competencies, to meet these expectations’ and highlighted that a key challenge is for ‘internal auditors to deliver value to organisations.’

To stakeholders, internal auditors are more critical than ever in combating fraud and providing on-going assurance that risks are properly mitigated and controls are working effectively. By raising audit efficiency and audit standards, internal auditors can transform business in tumultuous times, bringing better value to the organisations and stakeholders.

Another issue of concern is internal audit’s ability to engage senior management and meet expectations of Audit Committee.

Pont Chiu, President of the IIA in Hong Kong, mentioned that ‘an effective internal audit leader must understand management’s concerns and keep abreast of the leading practice in organisational governance, risk management and internal auditing’ as such measures are crucial in developing a performance process and aligning the audit function with organisational priorities.

To address these challenges and issues, a two-day conference on ‘Best Practices for Internal Audit’ will be held in Hong Kong and Singapore on 17th – 18th January and 20th – 21st January 2011 respectively. This conference will enpower internal auditors with techniques in assessing risks, uphold ethical leadership, manage fraud investigations, set up effective ERM systems and add value in ERM processes. It also aims to provide insights to engage senior management in internal controls and meet reporting requirements.

Full programme can also be found at: www.conferences.com.sg/s1376-ia4-78p-n.pdf

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CIMA Hong Kong Newsletter September/October 2010

HONG KONG PAST EVENTS Other past events and engagements Free overview session on CIMA paper F3

2 September 2010

CGA’s Firefly Night supported by CIMA

4 September 2010

CIMA booth at Hong Kong Careers Fair of Oxford, Cambridge, LSE, Imperial College at British Council

6 September 2010

Mr Leo Cheung, Divisional Immediate Past President, Ms Jackie Ko, Divisional Council member and Mr Damian Yip, Divisional Director attended the inauguration ceremony of The Reanda International Network

15 September 2010

Divisional Council members and staff of CIMA Hong Kong attended the National Day Celebration Dinner 2010 organised by HKICPA and SCAA at J.W. Marriott Hotel

15 September 2010

Mr Paul Chan, Divisional President and Mr Damian Yip, Divisional Director of CIMA Hong Kong attended the CICPA inauguration ceremony and luncheon

16 September 2010

Mr Paul Chan, Divisional President attended The Institute of Financial Accountants’ IFA-SE inauguration ceremony cum dinner

16 September 2010

Mr Francis Chiu, Divisional Council member and Mr Damian Yip, Divisional Director attended the 'Practitioner forum - Islamic finance and Dubai debt issues' organised by CUHK SCS and supported by CIMA

17 September 2010

CIMA booth at A-Performers MBA and Postgraduate Fair at the Worldwide Executive Centre

28 September 2010

Mr Richard Kenworthy, Divisional Deputy President attended the Annual Dinner of CMA Canada

28 September 2010

Information seminar on professional programmes in management accounting jointly organised by CIMA-CUHK SCS CIMA Preparatory courses & revision classes on papers F1, F2, F3, P3 & T4

8 and 25 September; 5 October 2010 September to October 2010

Staff attended the cocktail reception of The Manchester Business School Alumni Association (China)’s AGM

15 October 2010

Joint CPD seminar with HKICPA on 'The emerging strategic role of the management accountant'

by Mr Aubrey Joachim, Immediate Past President of CIMA

18 October 2010

Joint CPD seminar with HKICPA on 'The finance professionals role in risk management' by Mr Aubrey Joachim, Immediate Past President of CIMA

19 October 2010

Information session at City University of Hong Kong conducted by Mr Kingston Ho, Divisional Council member and staff of CIMA Hong Kong

Mr Richard Kenworthy, Divisional Deputy President attended the CPA Congress 2010 in Hong Kong – ‘Navigate the New’ organised by CPA Australia

26 October 2010

29 October 2010

CONTACT US CIMA Hong Kong Division Suites 1414-1415 14/F Jardine House Central Hong Kong T. +852 2511 2003 F. +852 2507 4701 E. hongkong@cimaglobal.com W.www.cimahongkong.com Opening hours 9.30am-5.30pm (Monday-Wednesday, Friday) 9.30am-7.00pm (Thursday)

CIMA Hong Kong Newsletter September/October 2010

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