EQC Membership "Health Points"
EQC Health Points are earned by spending on any services provided by EQC Compliance Advisory. 1 Health Point is earned for every HK$1 spending in the year. Your Practice’s membership tier is based on your accumulative balance of Health Points. Health points can be used to redeem cash coupons, free webinars, free AP3.0 credits, and more! A redemption list will be updated on our webpage soon!
There are four membership tiers:
Tier 1: Early Evaluators: Spending of HK$5,000 or less
Tier 2: Quickened Quizzers: Spending between HK$5,001 and HK$50,000
Entitled to 5% discount to services
Tier 3: Compliance Captains: Spending between HK$50,001 and HK$125,000
Entitled to 10% discount to services
Tier 4: Audit Avengers: Spending of HK$125,001 or more
Entitled to 15% discount to services
EQC Health Points Balance
AP3.0 Notifications Board
Welcome to your personalized notification board. From now on , we will publish all updates and upgrades to AP3.0 here. Since our launch of AP3.0 in June 2023, we have already made a few changes to the submission forms. In addition, we have also added new options for selection. To read about all of the recent changes, please refer to “Recent Updates” section.
To find the latest available submission forms or other resources, please refer to the “Download Area” section.
Important Tip of the Week!
Look out for the upgrades! In the newly generated audit programs (on 30 August 2023 or after), look for R4.01 or R4.02, where you will find the generated sales testing template. Be sure to incorporate the audit procedures and sales testing headings in your existing sales working papers.
Personal Message from Roger
Last Updated on August 23, 2023
I have requested our IT team to add this personal section to have a more direct, and also personal, communication line with our dear loyal supporters!
While the AP3.0 has been a successful feat and has responded well with most practising accountants whom attended our events, I have still been keen and have always been on-the-move in trying to make the program more error-free and more user-friendly.
In the first two weeks of August, I have travelled out to Italy,, the first time I have left town in the last 5-years. Sure, it was great to relax and enjoy some time with those who matter. However, if you know how I have been managing EQC, you would also know that I just cannot sit still. I have always been on the move trying to brainstorm new and innovative solutions that can significantly reduce the time and costs in completing audits, and handling practice reviews. Maybe it’s the past-life’s Audit OT Syndrome – the dread of too many over-time hours and public holidays spent in office chasing audit reporting deadlines.
So over my trip, I became agitated. I have already made all the updates to AP3.0 that makes it error-free and improved the forms to make them more user-friendly. What else can I do to make a difference and create an impact?
I have come to the conclusion that I just cannot sit still and develop AP4.0 in another few months. So after some internal discussions with my team, we have decided to implement monthly upgrades to AP3.0 effective immediately, and we will publish our monthly upgrades on this notifications board. These upgrades will not only be limited to adding more options in the submission forms, but will be new functionalities, so that the audit programs generated by AP3.0 will provide even more value to you than when you initially engaged us!
Be sure to check out the section titled “Planned AP3.0 Upgrades“, which will go into details of the number of upgrades and their respective implementation effective dates. I hope that your experience in using AP3.0 is a happy one, but more importantly, a healthy one, free from my past life’s Audit OT Syndrome.
Recent Updates
We have added the following 5 new options in the choice of modified audit opinions effectively bringing the number of modified audit opinions from 20 to 25.
These are the added options:
- Qualified – Limitation of Scope due to inability to obtain bank confirmation
- Qualified – Limitation of Scope on Opening Balances
- Qualified – Contract Incomes and Contract Expenses recognised on cash basis with no reference to stage of completion
- Qualified – first audited financial statements cover period over 18 months contrary to Section 1 of SME-FRS and Section 431 of Hong Kong Companies Ordinance
- Qualified – audited financial statements (not first) cover period over 12 months contrary to Section 1 of SME-FRS and Section 368 of Hong Kong Companies Ordinance
In addition, we have reduced the number of fields that you would have to complete in AP3.0 Advanced by 25! Look out for the columns where the header titles are highlighted in dark orange color, and you no longer have to complete these fields. For details, go to “Download Area” for the Updates Summary & Instructions.
We have added a new principal activity “Kindergarten Subsidized Under EDB”, and now All-Inclusive plans can select up to three (3) principal activities for each audit engagement.
Planned AP3.0 Upgrades
Applicable to AP3.0 Advanced & AP3.0 All-Inclusive:
In addition to the section-specific summary pages in sections E to X, we will also be generating additional consolidated worksheets for the following that will help streamline your audit processes:
- Consolidated Audit Request List
- Consolidated Audit Procedures List
- Consolidated Management Representation Letter
- Consolidated Significant Accounting Policies
We will also be labelling the audit procedures by type of procedures, and generating some templates for test of details audit procedures that are generated for that specific financial statement line item.
Applicable to AP3.0 Advanced & AP3.0 All-Inclusive:
- Testing templates will be generated for selected balance sheet and profit & loss financial statement line items based on the selected financial reporting framework.
- Component Materiality will be determined with justifying audit documentation on the method of determination. The submission form will be amended to allow input of the consolidated sales, consolidated total assets, consolidated total liabilities, consolidated equity and consolidated profit / losses before tax, and to link audit programs between subsidiaries and the audit program of the consolidated financial statements.
Download Area
Submission Form
File: AP3.0 – Advanced Form (XLSX) (Client)
Uploaded: 25 September 2023
Patch No.: AP3.01
File: AP3.0 – All-Inclusive Form (XLSX) (Client)
Uploaded: 25 September 2023
Patch No.: AP3.01
Updates Summary & Instructions
File: AP3.0 Instructions and Updates (2023.08.23).pdf
Uploaded: 23 August 2023
Webinar on Introduction of AP3.0 (Cantonese)
Please feel free to skip to respective sections by referring to the timestamps below:
Agenda – 03:10
1. EQC Background and Partners – 05:25
2. Pain Points – 09:55
3A. Why Audit Program 3.0 & Key Strengths – 21:09
3B. Live Demo of AP3.0 – 41:44
4A. Six Reasons to Use AP3.0 – 1:26:15
4B. How to Use AP3.0 for In-House Training – 1:28:47
5. About EQC Other Services – 1:38:25
6. Special Offers – 1:40:21
7. FAQ – 1:47:36
Webinar on Introduction of AP3.0 (English)
Please feel free to skip to respective sections by referring to the timestamps below:
Agenda 05:30
1. EQC Background and Partners 07:25
2. Pain Points 17:10
3A. Why Audit Program 3.0 & Key Strengths 32:18
3B. Live Demo of AP3.0 53:09
4A. Six Reasons to Use AP3.0 1:39:38
4B. How to Use AP3.0 for In-House Training 1:42:56
5. About EQC Other Services 1:50:18
6. Special Offers 1:53:25
7. FAQ 1:58:45
Supplementary Clarifications on Questionnaire
(New on Sep 18, 2023)
Supplementary Deck
Webinar on AFRC Inspection Questionnaire
Thank you for your registration for the Webinar on AFRC Inspection Questionnaire.
Once our CPA friends and clients have informed us of the questionnaire and the tight deadline, we have promptly prepared this webinar that provides guidance to you in completing the questionnaire. We have also designed an automated engagement list that can generate answers for the questions on number of engagements, service fees and revenues. Please download the excel template and read the “Instructions & Notes” worksheet.
For the webinar materials, please download by clicking the “Download Deck” button.
For the excel template, please download by clicking the “Download Template” button.
The webinar will be made available to you here from 07:30 on September 7, 2023, and will be available until 23:59 on September 15, 2023. Please encourage your CPA friends to register for this webinar, so our efforts do not go to waste!