T K Lo & Co
Hong Kong CPA Firm
UltraViolet
Quality Control Policies for Audit & Assurance Services
1.
The Firm has an overriding
commitment to quality of work performed.
2.
Each engagement must have
an engagement partner be responsible for engagement performance
and authorizing the provision of service.
3.
Each
engagement must be subject to the Firm’s appropriate QC Review
under the supervision of a QC Reviewer, being a partner or the
Firm’s personnel with relevant qualification and experience.
4.
Each engagement must be
performed to comply with professional standards and regulatory
and legal requirements, and related report must be issued in a manner
appropriate in the circumstances. For the service of audit of financial
statements, the Firm prohibits any departure from prevailing
reporting standards and demands the exercise of professional judgement,
skepticism and actions.
5.
The Firm and its personnel
will maintain independence of mind as well as in appearance for
acceptance and continuance of engagements and will avoid any kind of
conflicts of interest. Any threat to independence and conflicts of
interest shall be reported to the partners for taking appropriate
action. Safeguards in the Code of Ethics for Professional Accountants
(COE) will be employed to adequately eliminate or reduce to an
acceptable level any identified threats to independence.
6.
Before the acceptance of
new client, the Firm must perform an integrity assessment to both
the management and operation of the client and perform a competence
assessment to ourselves to meet the expectation to our services or
the client or other regulatory authorities. These two assessments need
to be performed again, if there is an obvious change in management or
nature of operation of a client.
Anti-Money Laundering (AML) & Combating the Financing of Terrorism (CFT)
will be taken into account in the integrity assessment.
7.
Appropriate consultation
shall be taken place on difficult or contentious matters relating to
engagement. In case of differences of opinion, the final judgment
is on the decision of majority of partners of the Firm.
8.
The Firm will maintain a
monitoring program to ensure our system of QC are relevant,
adequate, operating effectively and complied with in practice.
9.
The Firm will require
appropriate documentation to provide evidence of the
operation of each element of its system of QC.
10.
The Firm will ensure engagement teams to complete the assembly of final
engagement files on a timely basis after the engagement reports have
been finalized, maintain the confidentiality, safe custody, integrity,
accessibility and retrievability of engagement documentation and keep
the engagement documentation for a period sufficient to meet the needs
of the Firm or as required by law or regulation.
11.
The Firm will ensure the compliance of anti-corruption law to prevent
from any abuse of authority for personal gain at the expense of other
people and any erosion of fairness in the performance of duties.
Furthermore, the Firm will encourage the awareness in client management
of conflicts of interest issues and the relevant disclosures and consent
among stakeholders.
12.
The Firm will ensure the
service quality in audit procedures of understanding, evaluating,
criticizing and communicating.
13.
The Firm will ensure the
compliance of the Personal Data (Privacy) Ordinance (Cap. 486) in
respective of information obtained in provision of professional services
and the recruitment of professional and general staff members of the
Firm.
14.
Except for expert
consultation, the Firm will not subcontract any audit or assurance
service to outsider to ensure our direct quality control. On the
contrary, the Firm will not perform any audit or assurance service under
subcontracting arrangement for another CPA practice.
15.
The Firm will monitor the
progress of practical experience training and acquisition among student
members of relevant accountancy professional body under our development
commitment specified in employment contract and/or separate agreement.
16.
We
have implemented field-work-suspension policy since 6 Jan 2022 about our
immediate suspension of any co-worker’s attending to client office in
coming across uncertainty of pandemic development in Hong Kong or
specific risky situation of any clients or ourselves. The reason of the
suspension should have informed the relevant clients and the resumption
of services were (will be) approved by the Firm after the uncertainty
has been clarified or controlled. This policy will apply to all our
services continuously during the pandemic period and may affect the
progress of scheduled jobs or even reporting deadlines of certain
clients.
17.
The Firm will set up
Quality Objectives, identify Quality Risks and design &
implement Specified Reposnes for:-
n
Identifying, evaluating and addressing threats to compliance with the
relevant ethical requirements,
n
Identifying, communicating, evaluating and reporting of any breaches of
the relevant ethical requirements and appropriately responding to the
causes and consequences of the breaches in a timely manner,
n
Receiving,
investigating and resolving complaints and allegations about failures to
perform work in accordance with professional standards and applicable
legal and regulatory requirements, or non-compliance with the firm’s
policies or procedures established in accordance with the HKSQM, and
n
Addressing circumstances when;-
u
the firm
becomes aware of information subsequent to accepting or continuing a
client relationship or specific engagement that would have caused it to
decline the client relationship or specific engagement had that
information been known prior to accepting or continuing the client
relationship or specific engagement
u
the firm
is obligated by law or regulation to accept a client relationship or
specific engagement.
UV helps detect counterfeit money.
You & We need to work together to cope with the fast-changing and risky market. More disclousres and communication will make risk managable and becoming an opportunity.
Staff Declaration & Report Forms
| Gift & Advantage Acceptance Report |
 |
| Conflict of Interest |
|
| Suspicious Transaction Report |
|
Management Reference
| Prevention of Bribery Ordinance Extract |
|
| Typhoon & Rainstorm Arrangment |
|
| AML Jurisdictions Attention List |
|
| Assignment Appraisal Form |
|
| Appraisal Form |
|