FY2024/25 Practice Protection Packages
Introducing Our Specially Designed Inspection Preparation Package for Sole Proprietors without Employees
We understand that sole proprietors in Hong Kong, especially those operating on a part-time basis with no employees, face distinct challenges when it comes to improving audit quality and complying with AFRC regulations. Limited resources, time constraints, and the added burden of heightened regulatory scrutiny can make it difficult for these practitioners to keep up. That’s why EQC has developed a new inspection preparation package tailored specifically for sole proprietors without employees.
The Inspection Preparation Package:
Designed for Your Needs and Budget
With the AFRC planning more inspections in the coming year, it’s crucial that even sole proprietors are fully prepared. Given the economic downturn and the tight cash flow many practices are experiencing, we’ve created a cost-effective solution that provides essential support without straining your budget.
Here’s what our new inspection preparation package includes:
1) Customized SQM Manual: Tailored to your practice, this manual ensures compliance with the Hong Kong Standard on Quality Management (HKSQM 1), which became effective in December 2022.
2) Customized AML Manual: Specifically designed to meet the requirements of the Hong Kong Guidelines on Anti-Money Laundering (AML) for Professional Accountants, this manual will help you comply with regulatory requirements.
3) 30 Credits for Audit Program 3.0: Based on the median number of audit engagements for Category E practices, this package includes 30 credits—enough to cover your typical audit workload. Plus, the installation fee is waived, making it even more affordable for smaller practices.
4) In-Person Group Training (4 Recurring Sessions Per Year): You’ll receive hands-on training, conducted quarterly, where you can ask questions and learn directly from EQC experts. These sessions will cover crucial topics like:
– Implementation of your customized SQM Manual
– Implementation of your customized AML Manual (which can also serve as your compulsory AML training)
– Guidance on responding to AFRC inspection requests
– Deep dives into common audit areas, such as:
– Auditing the valuation of receivables
– Impairment risk of assets
– Going concern considerations
– Revenue recognition
– Management override of controls
Each group training session provides 8 CPD hours, and full attendance is required to receive your CPD certificate. This is a convenient way to satisfy your CPD requirements while preparing for inspections.
Affordable and Flexible Pricing
We’ve designed this package to be as affordable as possible for sole proprietors. The basic package is priced at just HK$20,000, which is significantly lower than our previous inspection packages for firms or corporate practices by up to 70%. This package is specifically tailored to meet the needs of sole proprietors who operate on tight budgets, without sacrificing the quality of the support provided.
Optional Add-Ons for Additional Support
For practices that require more personalized assistance, we offer a range of optional add-ons to further enhance your compliance and audit quality:
– Private Consultancy Sessions: Engage one-on-one with our experts at HK$3,500 per hour (HK$1,700 for each additional half hour).
– Ongoing Policy Monitoring Review: For an additional HK$3,000 per year, we will monitor your practice’s compliance with the policies laid out in your SQM and AML manuals, ensuring ongoing compliance with AFRC standards.
– Completed File Monitoring Review: We also offer a detailed review of your completed audit files, with prices ranging from HK$12,500 to HK$22,500, depending on the complexity of the engagement.