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FAMV No. 51 of 2016
IN THE COURT OF FINAL APPEAL OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
MISCELLANEOUS PROCEEDINGS NO. 51 OF 2016 (CIVIL)
(ON APPLICATION FOR LEAVE TO APPEAL FROM
CACV NO. 233 OF 2015)
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BETWEEN
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THE REGISTRAR OF THE HONG KONG
INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS |
Complainant
(Respondent)
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and |
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WONG TAK MAN STEPHEN
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1st Respondent
(1st Applicant)
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RSM NELSON WHEELER |
2nd Respondent
(2nd Applicant) |
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| Appeal Committee : Mr Justice Tang PJ, Mr Justice Fok PJ and
Mr Justice Bokhary NPJ |
| Date of Hearing and Determination : 27 April 2017 |
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D E T E R M I N A T I O N
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The Appeal Committee:
1.We grant leave to appeal on the following questions of great general or public importance, namely:
(1) Do auditors who, without more, wrongly interpret or apply a professional standard in discharging their function as auditors thereby commit a breach of s.34(1)(a)(vi) of the Professional Accountants Ordinance, Cap.50 (“PAO”)?
(2) Does s.34(1)(a)(vi) of the PAO import a standard of reasonableness or other similar considerations which are relevant to assessing whether an auditor has “failed or neglected to observe, maintain or otherwise apply a professional standard” within the meaning of such provision?
(3) On the true construction of Hong Kong Accounting Standard 39, must an impairment adjustment be made once there has been a significant or prolonged decline in the fair value of an available-for-sale asset?
2.The appeal will be heard on 4 December 2017.
(Robert Tang)
Permanent Judge |
(Joseph Fok)
Permanent Judge |
(Kemal Bokhary)
Non-Permanent Judge |
Mr Johnny Mok SC and Mr Adrian Lai, instructed by Wilkinson & Grist, for the 1st and 2nd Respondents (1st and 2nd Applicants)
Mr Alexander StockSC, instructed by Reed Smith Richards Butler, for the Complainant (Respondent)
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