uncertainty - hkiaat

AAT: The indispensable element July 2009

T/DIALOGUEAccounting for uncertainty

2 From the President’s Desk

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HKIAAT News Mr. Doug Oxley awarded the Medal of Honour

HKICPA/OUHK Top-up Degree for AAT Graduates

The Accounting and Business Management Case Competition:

Unleashing Your Full Potential

Teachers’ seminar on “Applying Business Cases to Promote the

Learning and Teaching of Business Subjects”

Module Certificate for the AAT Examination Preparatory Courses for

December 2009 session

Table of Contents

Accounting for uncertainty

Honorary AdvisersPresident and Vice-Presidentsof the Hong Kong Institute of Certified Public Accountants

Board MembersJohnson C H Kong(President)Stella P L Cho(Vice-President)Andy T M Li (Vice-President)Chan Cheuk HayDoug OxleyThomas Y T WongLindy W W Yau

Staff Responsible Bo Bo F P Man(Assistant Director)Alison K Y Lee(Manager)Ester W K Chan(Assistant Administrative Officer)

July 2009Hong Kong Institute of Accredited AccountingTechnicians Limited香港財務會計協會有限公司27/F, Wu Chung House,213 Queen’s Road East,Wanchai, Hong KongTel: 2823 0600Fax: 2823 0606Hotline: 2823 0660Web: www.hkiaat.orgE-mail: [email protected]

(Circulation: 7,550 copies)

14-20

Cover Story Getting to grips with going concernAddressing going concern

Keeping companies afloat

22-23

24-25

26-27

28-29

30-31

Careers and LifestyleEmployer in the spotlight – Gary Lam

Versatile AAT – Karie Wong

Passport to success – Simon Wan

A heterogeneous outlook to success using personality typology –

William Tong

Better communication and active listening – Weelan Ho

2 From the President's Desk

T/Dialogue July 2009

From the President’s

Desk

Dear members and students,

We have strived to establish HKIAAT membership as a valid and valued attainment in its own right. With the successful launch of the first examination under the New Qualification Framework (NQF) in June, the fruit of more than two years’ hard work on all sides has now been realized and I would like to thank you all once again for your staunch support.

We spare no efforts to promote the AAT qualification and to gain wider recognition. I am delighted to announce that we have obtained recognition of the NQF from the Civil Service Bureau for appointments to five government departments. The AAT qualification is also recognized by the Open University of Hong Kong (OUHK) for entry to their degree programmes. AAT and PBE graduates are eligible for advanced standing of 55 credits and 80 credits respectively. In addition, we are very pleased that our students can study the AAT Examination preparatory courses at a significantly reduced rate with the new Employees Retraining Board’s “Module Certificate in Accredited Accounting Technician Training”. Please refer to p.13 for details. What’s more exciting is the birth of a top-up degree, jointly organized by the Hong Kong Institute of CPAs and the OUHK. This is accredited by the Hong Kong Institute of CPAs for Qualification Programme (QP) admission and is exclusively offered to our AAT graduates. This programme enables our AAT graduates to enjoy more options for their study towards a well-recognized degree, for better career development, as well as making structured progress towards attaining the CPA qualification. All these accomplishments bring us closer to our goals for the NQF.

Managing business is not an easy task in the current economic climate. In this issue, we look at going concern, liquidity risk management and related disclosures. Anissa Chan, an AAT member and a chief financial officer in a trading company, shares her thoughts on managing business in a downturn and how a company’s management needs to act in the face of uncertainty.

Managing career is like running a business. You will not succeed if you cannot think ahead and take wise steps. Our versatile AATs Karie Wong and Simon Wan became interested in accounting in high school and have developed their careers with clear visions and plans. With the invaluable skills built from the AAT qualification and their determination for success, they have become an indispensable element in their companies.

This financial crisis does bring hardships, but it also brings opportunities for us to become stronger and more resilient. Equip yourself well and I am sure you can make a difference in your career.

Johnson Kong President

3HKIAATNews

We are pleased to announce that AAT graduates are now eligible for direct entry into the Bachelor of

Professional Accounting with Honours, a new collaborative degree programme between the Hong Kong Institute of CPAs (HKICPA) and the Open University of Hong Kong (OUHK). This programme aligns closely with the Professional Bridging Examination and is accredited by the HKICPA for Qualification Programme admission. Students can be admitted to the QP upon graduation, taking them further along the progression of heading towards a CPA designation.

The programme will commence in September 2009 and is now open for enrollment. For enquiries, please contact the HKICPA / HKIAAT on 2823-0600 website: www.hkiaat.org or the OUHK on 2771 2100 website: www.ouhk.edu.hk.

Hong Kong Institute of CPAs/ Open University of Hong Kong Top-up Degree for AAT Graduates

We are pleased to announce that Mr. Doug Oxley, the HKIAAT Immediate Past President, has

recently been awarded the Medal of Honour (MH) from the HKSAR Government. Mr. Oxley has been given the

award for his valuable contribution to the accountancy profession

in Hong Kong, particularly his dedicated efforts in enhancing the

training of accounting professionals. The presentation ceremony for the

award will be held by the HKSAR Government later this year, tentatively

in October. Our heartfelt congratulations to Mr. Oxley!

Mr. Doug Oxley awarded the Medal of Honour

July 2009 T/Dialogue

source: www.protocol.gov.hk

4 HKIAATNews


The Accounting and Business Management Case Competition organized by HKIAAT

has entered its seventh year. Its aim is to enhance students’ accounting ability and generic skills to give them a winning edge in today’s business world. This year’s competition attracted a record number of 98 participating teams representing 19 tertiary institutions across Hong Kong.

The Oral Presentation and Prize Presentation Ceremony of the competition for Tertiary Institute Group was staged on 25 April 2009 at The Hong Kong Federation of Youth Groups Building in North Point. Finalist teams were asked to present the key ideas of their business development plans to the audience members and the adjudicating panel.

The form of the competition has changed, and this year it required participating teams to submit a written report about the Kai Tak development project for MTR Corporation Limited (MTR). The six best teams were then

selected to enter the final round to present their plans orally to demonstrate their analytical and problem solving skills.

Hong Kong Community College of The Hong Kong Polytechnic University took the crown with their remarkable performance that outshone all other competitors on that day.

Teamwork is king The team was amazed at the competition result. Wong Chun Fat, Heero, leader of the team, says, “Winning the competition came as a big surprise to us. We even thought of not getting into the final round! So winning really was beyond our expectations.”

Unleashing Your Full Potential

The Accounting and Business Management Case Competition:

Students from the Hong Kong Community College won not only the Champion prize but also the prize of friendship.

Students from the Community College of City University won the 1st runner-up prize.

5HKIAATNews


This outstanding team was the centre of attention at the competition since their wel l -organ ized presen ta t ion prov ided succinct information, whilst the youngsters demonstrated excellent presentation skills. “We’re always united and persevere to deal with tough challenges. We talk about anything, and are free to point out each other’s weaknesses to strive for improvement,” Ng Wai Ka, Ryan explains.

“It is good that we have never had any disagreements, so it is easy for us to work towards the same direction harmoniously without arguments,” adds Chan Siu Lung, Black. Besides working in unison, effective assigning of tasks is also essential. Lo Lok Hin, Enzo says, “We assigned work according to our strengths. For instance, Black’s good at calculating, so he mainly worked on that part.” The tactics allow them to show their individual strengths, to ensure that everything ran smoothly and finally to deliver a good presentation.

Readiness is allGetting ready is of utmost importance before taking up any challenges. This belief guided

the team to deliver solid content and accurate data in their plan to win the game.

In fact, the team did have trouble as the topic was new to them. “It is the first time we had studied property development in such an in-depth way, and the process was very complicated. This was an area we had not looked at before, so we learnt a lot,” Black reveals.

“Because of our limited knowledge, we did lots of preparation work, such as reading annual report, reference books, searching information online, and asking for our teacher’s opinion, trying to get the whole picture first,” says Ryan.

According to Black, at the beginning they came up with some ideas that they thought were great but which turned out to be infeasible. This got them focused on thinking more realistically. Meanwhile, they had to manage their time carefully and prepare another plan. Amusingly, the team even rehearsed in front of the mirror in the washroom before they came on the stage! “Perhaps this is one of the advantages of having all male team members!” Heero laughs. Now

Challenging questions were posed by the professional adjudicators in the Q&A sessions.

Good presentation skills and perseverance were the tactics of the Champion team.

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the four youngsters have become very good friends. To them, this gift is far more precious than the trophies they received from the competition.

Whilst the champion team finished their schooling this year, the 1st runner-up team from Community College of City University, despite only being in their first year of studies, impressed all the adjudicators with their unexpectedly good and mature performance.

Everything is so freshThe team, led by Shek Ka Wai, Steve, was formed by year-one students who are currently

Champion – Hong Kong Community College, The Hong Kong Polytechnic University

Associate Degree in Business (Accounting & Finance) (Year 2)

Team Leader: Wong Chun Fat, Heero

Members: Chan Siu Lung, Black

Lo Lok Hin, Enzo

Ng Wai Ka, Ryan

1st runner-up – Community College of City University

Associate of Business Administration (Accountancy) (Year 1)

Team Leader: Shek Ka Wai, Steve

Members: Chu Mei Po, Mabel

Tai Hiu Wai, Cindy

Wong Hong Ting, Tiki

2nd runner-up – Hong Kong Institute of Vocational Education (Tuen Mun)

Diploma in Accountancy (Year 2)

Team Leader: Lo Fong, Katrina

Members: Au Yan Ho, Alex

Li Yan Kit, Eric

Ngai Yu Ki, Yuki

Best Presenter – Ngai Yu Ki, Yuki from Hong Kong Institute of Vocational Education (Tuen Mun)

taking the Associate of Business Administration (Accountancy) programme at the College.

To these freshmen, the competition was a brand new experience. “We found the topic interesting and were excited about participating in it. Though we are still year-one students, we think it was worth giving it a try, and we have learnt a lot from it!” says Wong Hong Ting, Tiki.

“After the competition, we understand that accounting is a very broad topic, and we have also learnt lots of concepts that are not yet taught in our first year. Everything was fresh as it was the first time we had joined such a large-scale competition outside the school. It really was a great opportunity for us to widen our horizons,” Steve adds.

Tai Hiu Wai, Cindy, thinks that the new format of the competition enabled participants to put their knowledge into practice and, at the same time, enrich their experience in a more interactive way.

All by ourselvesThe competition may have been difficult for these year one students as it required knowledge that would normally be taught in their future year’s studies. However, despite the challenge, the team did not panic and was eager to learn new things to cope with the challenges ahead.

Tiki continues, “We worked by ourselves in the whole process. Even when we came across problems or anything we did not understand, we sought solutions ourselves instead of relying on our accounting teacher because we know he is very busy. Moreover, there were a number of teams in our school participating in the

7HKIAATNews

competition. It is hard for him to look after us all.”

The team was also busy with assignment and projects all the time. Time management was absolutely crucial. “As we have different class schedules for class and many other projects on hand, it was rather difficult to meet up and discuss the competition. But we used our time together well and worked very seriously every time we met. We also had numerous rehearsals,” Steve remarks.

Independence and readiness generate success at school and in the workplace alike. But having a creative mind gives you a vantage point. The 2nd runner-up team from The Hong Kong Institute of Vocational Education (Tuen Mun) made a good display of their creativity in their thoughtful yet innovative development plan in which environmental protection was introduced.

Creativity winsTalking about the idea of environmental protection, Ngai Yu Ki, Yuki says, “It has been a hot issue in Hong Kong and the whole world in recent years. By introducing this concept into our plan, we hope that more people will become aware of the problem and show their support in saving the planet.”

The team’s presentation included a special and impressive session where the light was switched off to emphasize the significance of environmental protection. “We were inspired by the environmental protection activity “Earth Hour” initiated by The World Wide Fund For Nature (WWF). People were urged to join the activity and switch off their lights for an hour to show their support in protecting our environment. We thought this was a great and


meaningful activity so we designed this session as we took environmental protection as the theme of our plan,” explains Lo Fong, Katrina, leader of the team.

Open your heartCultivating creativity depends on the learning environment. The team’s preparation for the competition was done in a relaxed and cordial atmosphere that encouraged them to express their thoughts. “We are all open-minded and we welcome any kind of opinion and suggestion. This enables us to make full use of our strengths and to collect the best ideas to further our work,” says Li Yan Kit, Eric. Another team member, Au Yan Ho, Alex agrees and believes that the open and free atmosphere for discussion is the source of their creative ideas.

Alex continues, “Being awarded this prize was an unforgettable moment for us. We never expected to win. We just want to take part in the competition and enrich our learning experience. The result is very encouraging.” As Alex points out, the competition offered him an opportunity to learn from his teammates. In fact, joining the competition as a team allowed the participants to learn how important co-operation is.

The best presenterWith her beautiful voice, and her clear and fluent presentation, Yuki was also awarded

Yuki Ngai was the winner of the Best Presenter award.

8 HKIAATNews

“The Best Presenter” of the day award. She says, “A good presenter should speak coherently, be confident in himself and never be shy in order to avoid confusion.”

The HKIAAT expects that in the future more students will benefit from the competition, which exposes them to experience of the real business world early on so as to pave a path for their career development. If you want to stand out from the crowd, remember the winners’ key words – teamwork, independence and creativity.The 2nd runner-up team, Hong Kong Institute of Vocational Education (Tuen

Mun) shared the honour with their teachers and schoolmates.

Advertisement

11HKIAATNews

As an initiative to provide secondary school teachers with techniques for teaching the new Business,

Accounting and Financial Studies (BAFS) subject that will be introduced in the new senior secondary curriculum, the HKIAAT and Education Bureau jointly organized a seminar on “Applying Business Cases to Promote the Learning and Teaching of Business Subjects”, which was held on 25 May 2009.

MTR Corporation Limited (MTR), the selected company for Accounting and Business Management Case Competition 2008-09, was used as a case study to illustrate how real case materials can be adopted in teaching BAFS. We were delighted to have Mr. Wan Shiu Kee, Vice-principle of C.C.C. Kei Heep Secondary School, and Ms. Lindy Yau, Practising Director of C K Yau & Partners CPA Limited, as our honourable speakers at the event. The three-hour seminar was well attended with more than 250 teachers turning up, and they found the seminar very informative.

Details of Accounting and Business Management Case Competition 2009-2010 were also unveiled in the seminar. The Champion team, from Wong Siu Chi Secondary School, talked about their experiences in preparation for the competition as well as the challenges they faced and what they have gained from the experiences.

We would like to take this opportunity to thank all speakers who took part in the seminar.


Teachers’ Seminar on

“Applying Business Cases to Promote the Learning and Teaching of Business Subjects”

The Champion team from Accounting and Business Management Case Competition 2008-2009 shared their experience in the competition.

Mr. Wan talked on the topic “Business and Financial Analysis on Public Enterprises – Case Study of MTR Corporation Limited”. The MTR was used as a case study to illustrate how real case materials can be adopted in teaching BAFS.

Ms. Yau treated the audience to a current hot topic “Corporate Governance” which is a very useful part of BAFS.

13HKIAATNews


Module Certificate for the

Course durationEach module includes 48 hours’ tuition.

Course fee per module$2,750 For students with a monthly

income of more than

HK$15,000

$825 For students whose monthly

income level ranges from

HK$7,001 to HK$15,000

Free For students with a monthly

income less than HK$7,000

For more details, check out the ERB’s website www.erb.org or call ERB hotline 182182.

Preparatory Courses for December 2009 session

AAT Examination Students who are planning to take the AAT Examination in December 2009 now have more options in preparing for their examination. The Employees Retraining Board (ERB) will offer part-time training courses for the AAT Examination, called “Module Certificate in Accredited Accounting Technician Training”. The courses are aimed at students preparing for the following AAT Examination papers:

Paper 2Business Communication and Organization and Management

Paper 3Management Accounting

Paper 5Principles of Taxation

Paper 6Fundamentals of Business Law

14 Cover Story


Despite going through the financial crisis in 1990s and the impact of SARS in the

early 2000s, we have not seen such extensive professional, public and regulatory discussion coverage on going concern issues in the past two decades as we have in the first five months in 2009. The message is very clear: accountants and auditors need to sit up and take note of tight cash flows and the dynamic changing world. In this article, we focus on how today’s accountants in business should address going concern issues.

Hong Kong caseHere’s an example of a recent case from Hong Kong. A Hong Kong listed company Kong had a good profit last year and good interim results in the current period (3.5 times the previous interim profit), and had raised additional funds through a placement of shares within two months of the interim results announcement. Then, suddenly, the company faced a petition for winding up for non-payment for certain debts three months after its interim results announcement.

On review of the financial statements, it was found that the high level of accounts receivable was recorded at the interim period end, with most of them falling due within 30 days to 60

By K C Cheng

days and representing approximately 45% and 81.5% of total assets and net assets respectively.

Going concern issuesWe do not attempt to find out the reasons for the company’s failure. The financial crisis probably meant the company faced a shortage of cash, possibly due to the non-recovery of accounts receivable.

The going concern assumption is a fundamental principle in the preparation of financial statements. HKSA 570 “Going Concern” requires the auditors to consider if there are events and conditions and related business risks (ECR) which may cast significant doubt on the company’s ability to continue as a going concern. Nonetheless, it is the company’s management’s primary responsibility to assess and conclude whether the company has the ability to continue as a going concern.

Imagine if you were the auditors of the above listed company. What would you do now to face the challenges if an unqualified review report had been issued? What could the auditors have done to prevent an unqualified report being issued?

However, the most important cue is to

Getting to grips with going concern

Addressing going concern

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understand your clients’ business and their industries. Unique and systematic risks (possibly similar to the ECR mentioned in HKSA 570) are commonly referred to in portfolio and security analysis. It is not easy for auditors to collect this information as dramatic changes in the economy make it more difficult to access updated data.

Practical concerns for accountants and auditorsExternal (Systematic) risksCounterparty Risk: Accountants and auditors may need to use their eyes, ears, professional research reports on their customers and even on suppliers to assess the status of their business partners’ activities to assess if anything may interrupt the business momentum, therefore affecting the going concern assumption. This is explained in the example quoted in relation to the listed company earlier.

The new FASB Statement No. 165 “Subsequent Events” also requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date.

Government policy: may also impact the going concern assumption. For example, General Motors filed for Chapter 11 protection under the US law to protect the company’s restructuring. These days auditors are required to perform more work on the subsequent events as those events may affect the presentation and disclosure of the financial statements. In-house accountants should also assess the impact of any significant subsequent events which may affect the financial statement presentation as well. Again, the above case may give some hints on the importance in reviewing subsequent events.

Banking environment: Late 2008 saw drastic

measures by banks reducing the money supply by controlling bank borrowings and not releasing funding for undrawn banking facilities. This is a major problem that borrowers need to address. Paragraph 50 of HKAS 7 “Cash Flow Statements” requires an entity to disclose additional information relevant to users in understanding the financial position and liquidity; this may include the disclosure of any amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments, indicating any restrictions of the use of these facilities. We seldom see comments relating to the above restriction in mainland Chinese loan agreements; maybe, it is not a written national policy. However, these banking policies and austerity measures may also affect an entity’s ability to continue as a going concern.

InternalOperation risk: Timothy Flynn, chairman of KPMG International, recently advised major international corporations to do a thorough and comprehensive review of their business models, operations, compensation incentive packages, and, more importantly, risk management status. This is the best way to address the issues facing business today, especially listed companies, which owe a public duty to stakeholders. The non-sustainable business model may cause the auditors to cast significant doubt about the ECR of an entity. Therefore, the above recommendation should be seriously considered. Management should prepare cash flow forecast and calculation of various financial ratios as tools to assess the going concern assumption.

Debt covenant: If there has been a breach of financial covenant, auditors should assess

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whether a non-current bank loan is subject to immediate repayment. If so, the non-current bank loan should be reclassified as a current liability. The change may put the company into a net current liability position and this should draw immediate attention to the appropriateness in applying the going concern assumption in the preparation of the financial statements and the relevant disclosures. In-house accountants should implement a system to identify such breaches and fix them immediately. HKFRS 7 paras 18 and 19 require disclosures in financial statements in event of any defaults and breaches unless such a breach is remedied before the reporting period end.

In fact, during the negotiation of new debt covenant, flexibility should be built in to fix such breaches in maintaining certain levels of the financial ratios. For example, when there is case of breach of any debt covenant terms in relation to the financial ratios, the company should immediate inform the bank(s) and fix it within 30 days. The bank(s) should not take any action after the fixing of the ratios within the grace period. Again, it depends on the bargaining power with the lenders and it is worthwhile trying to include such terms to protect the borrower.

Refinancing issue: If existing banks will not grant a waiver for a breach of financial ratios, the borrower has to refinance the loan immediately. If no new loan can be secured to replace the current loan, the borrower may face a petition for winding up and thus the going concern assumption is likely to be challenged.

Valuation of non-financial assets and liabilities: An economic downturn has a negative impact on the valuation of land, equipment, intangible assets (customer lists,

goodwill, etc). This may make a company’s financial position and performance even worse and contribute to more challenges to the appropriateness of the going concern assumption.

The above is not an exhaustive list for readers to use in considering the going concern assumption, but these highlights do give some practical considerations for accountants and auditors. The continuing evaluation of the going concern assumption is necessary. It is definitely not a year-end exercise only as, from practical point of view, the going concern disclosure and/or a modified auditors’ report will affect the continuation of borrowing and the cost of future borrowing. Therefore, it is a very serious topic.

New developmentIn 2009, the US Financial Accounting Standard Board discusses to make an accounting standard: Going Concern which is currently set forth in auditing literature. Most notably, the draft requirement to assess going concern for a 12 month period is being changed to align it more closely with international standards, which do not have a 12 month bright line.

The implication is that auditors and accountants should be responsible for assessing the going concern assumption when preparing the financial statements.

In order to use its resources better, an entity may look into selling some non-current assets or discontinuing certain operations. In the next issue we will look into the classification of these assets and some interesting discussions in relation to the HKFRS5: Non-current Assets Held for Sale and Discontinued Operations.

17Cover Story


One of the keystones of accounting, the going concern concept is unquestionably

deeply embedded in financial reporting practices. Over the years, auditors and companies’ management have prepared financial statements on a going concern basis. In recent days, however, the going concern issue has once again fallen into the limelight, thanks to an unprecedented string of financial mishaps around the globe. Jittery investors are now calling on companies for more thorough disclosure sparked off by an upsurge of doubts about going concern as businesses’ health turns frail due to the global recession. “Even before the economic crisis, auditors were fully aware that they needed to prepare financial statements for enterprises based on a going concern assumption, and evaluate whether there were potential financial risks,” says Chan, who has worked in the accountancy industry for years and who has witnessed at first hand the up-swings and downturns of several economic cycles.

“The going concern issue has been looked at by auditors and company management in the past. But we can expect more stringent assessment from these parties and even banks following the economic crisis.”

Chan worked her way up to the top management through years of hard work at various entry-level positions as a junior and senior accounts clerk. After some years in these roles, Chan aspired to a more exciting career path and a managerial position. To get there, it was apparent that Chan had to do something more. She embarked on a part-time Diploma in

In face of the financial turmoil, edgy investors, creditors and clients are eager

to know if their investments or business partners will still be up and running the next day. This means a greater demand for more

going concerns disclosures can be expected, according to Anissa Chan, an HKIAAT

member and chief financial officer of trading firm JFK Holdings Co Ltd.

By Eddy Li

Keeping companies

afloat

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Account ing programme a t Hong Kong University SPACE and from there went on to acquire the AAT qualification.

Over the years, she gradually moved up the corporate ladder working as an accountant and an accounting manager. With broader exposure in various business departments, she was given the opportunity to formulate business operations and engage in strategic planning that helps grow a business’ bottom line. "Financial accountancy is more than number crunching. It’s about running an enterprise with greater cost efficiency,” says Chan.

“As such, we need to work closely with all levels of operations that involve the inflow and outflow of capital, from the sourcing department when managing costs of good sold and inventory, to sales department when preparing budgets.” Chan knows what she talking about here, as she worked at different t rad ing , wholesa le and manufac tur ing companies before joining her current company six months ago.

A job that yields such self-satisfaction and interest doesn't come at zero cost. Like other lifelong learners, Chan had to give up a large chunk of her personal time as she steadfastly strove to balance her time between work, family and studies while pursuing a part-time degree. "It's not easy to study and work at the same time. But that's the only way to go if one wants to advance in an accountancy career. My current position provides me with opportunities to deve lop more dec is ion-making and

financial analytical skills and to give meaning to numbers. It’s more dynamic," she says. The competitive edge comes if accountants incorporate their professional skills with financial knowledge, a move that allows them to put numbers in the income statement account and balance sheet into context and devise conclusions that can boost profitability, Chan thinks. More business owners are likely to recruit accountants who can go beyond their conventional duties of additions and subtractions. Accounting professional who can also consult and improve the well-being and financial health of a company will be heavily sought after.

The demand for professionals in financial accountancy has been on the rise, Chan says, and this trend is expected to accelerate in the wake of the financial crisis and as business owners pay closer attention to addressing shareholders’ unease over firms’ ability to continue as a going concern.

Part of the responsibility for assessing an enterprise's ability to continue as a going

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concern falls under management’s jurisdiction; this includes the firm’s internal financial director. After all, it has always been the company's management who has the best knowledge of the risks associated with events or situations at the entity. Chan, for example, as financial chief, is heavily engaged in the firm's mid- to long-term business strategic planning, a role that also resembles the function of a financial adviser.

"It’s management’s duty to disclose any uncertainties that may cast doubt upon the enterprise’s ability to continue as a going concern," Chan says. Some of the major criteria here include whether the incoming cash flow is sufficient to pay off short-term liabilities and debts, and whether trade credit will continue to be available.

Chan has also become more hands-on and meticulous when dealing with various company departments. Amid a difficult economic climate and going concern worries in the business world, Chan says it's her job to ensure each department, such as inventory and production, can run smoothly by further maximizing cost effectiveness and picking up operational red flags along the way.

Amid a bull market, banks often rubberstamped credit lines with their eyes closed. But that’s no longer the case. Lenders have become extra vigilant when approving credit lines or loans to applicants, Chan says. As a result, Chan, together with the rest of the company’s management, will have to be prepared for any changes in budgets and liability and any increase in refinancing risk amid a tightened

credit environment. She's also aware that banks have set higher benchmarks and laid out tighter criteria when approving money. "This signifies that the going concern issue still exists," she says.

In the wake of the global economic downturn, Chan is also keeping a close eye on attainability of the firm's sales and profit forecasts, as well as the sustainability of major clients as orders dwindle and global consumer spending weakens. Like other trading companies that deals with imports and exports, Chan said her firm will want to know well in advance regarding any going-concern doubts associated with its suppliers and clients who might be experiencing the down side of the credit crunch. Shortening credit terms is also being considered for some customers, she adds.

“You don’t want to pay a deposit and then see your suppliers going under before delivering you the goods,” says Chan. “At the same time, you only want to work with clients who are financially sound and who are able to pay their bills. This is not a time when businesses will easily offer credit to clients who might be financially at risk.”

That is particularly true when dealing with clients and business partners in the US, one of the world's worst-hit economies, says Chan. Companies will generally be more cautious when dealing with their US counterparts, with qualms about their ability to sustain opera t ions as Amer icans cu t down on consumption in the wake of a frail economy.

20 Cover Story


"Most companies, including us, are attempting to cut down their business in the US and to develop and shift markets to other countries."

Apart from a shift in sales strategy and a potential change in procurement for some industries, Chan thinks companies will also address going-concern worries by minimizing their operating costs, as this can play a big role in keeping business afloat.

An emerging trend is for a mounting number of corporates, whether they are limited companies or not, to hire CPA firms for professional advice and to get a going concern qualification stamped on their accounts. This is a move that may help ease qualms of investors or business partners, Chan says.

Companies wil l doubtless increasingly rely on auditors for professional advice and to ensure the enterprise can meet its going concern qualification; at the same time, management should also shoulder its responsibilities by making sure they are actively involved in the business and

willingly co-operating with their auditors. “This is a two-way street. We can’t simply rely on CPA firms and dump everything in their hands,” Chan says.

When auditing accounts, auditors, who play a major role when assessing a company’s health, prepare the financial statements and the appropriate disclosures based on the going concern assumption, unless they know that the client is likely to go under.

The recent financial fiasco has given everyone a wake-up call, urging auditors, managers and bankers to look more closely for any red flags in an enterprise’s statements. This, hopefully, might prevent any last-minute negative surprises and any course of action needed to save companies from going under could be executed early enough.

The economic crisis has just taken place, and it doesn’t come as a surprise that the business sector has stepped up its awareness of going concern following the collapse of a spate of big US insurers, lenders and auto makers.

“But how long can this awareness last?” Chan asks. “Take the Severe Acute Respiratory Syndrome as an example. Everyone was very attentive about good hygiene shortly after SARS hit. But it didn’t take long before we put that behind us. Not until the onset of swine flu brought back old memories were people reminded of what should have been done in the intervening period. So, it’s really a question as to how long into the future will the business world stay as alert as it is today.”

22 Careers andLifestyle


Employer in the spotlight – Gary Lam

Over the past nine years, Event Elite Production & Promotion Ltd. has grown

and developed into a sizeable group with subsidiaries specializing in publishing, PR and marketing services and boutique stores. The company’s strategy is to diversify its business so as to minimize investment risks. Such a strategy does not only keep the company moving forward but has also made it do impressively well during the difficult times. Last year the company recorded a positive profit growth against the general market trend. “Of course there are some sectors in which we are losing money but in general we are maintaining a strong balance sheet through the development of different units,’” says Gary Lam, Group Accountant.

As the group grew from one single company to seven, the workload for all units has been more than doubled and new people keep coming in. Yet, when it comes to accounting and financial matters, Lam reveals that he himself and Karie, an AAT graduate, have been the masterminds managing all tasks.

Support for vigorous expansionBefore Karie joined the company, Lam had to handle all the accounting himself which made it difficult for him to spend time improving

Invigorating business growth against the headwinds

Thousands of companies are swept away in the ruthless waves caused by the financial turmoil. But those that have not been eliminated are standing strong and performing extraordinarily well, due to their sound business strategies and quality management. During these times when cash is king, backend support from its monetary management from the accounting team plays a major role.

By Aldric Chau

23Careers and

Lifestyle


accounting structures and on other development projects. The company therefore decided to hire an assistant so that the accounting tasks could be done more effectively to support the company’s development.

“We set some clear recruitment criteria,” says Lam, who adds that he is concerned about the quality of accounting staff since they play an important gate-keeping role in the company. Lam wanted someone who was both detail-minded and responsible – two of the most prominent qualities that an accounting practitioner has to possess. He gave less weight to technical skills as he believes that these can be polished on the job. “We have seen people who have excellent technical skills but are simply too careless and irresponsible,” recalls Lam.

Managing data with technologyLam is happy to have recruited Karie as a senior accounting clerk. Not only does Karie fulfil his criteria, but she also comes with another plus – IT competence. “With our group’s rapid expansion, we need to manage tasks, people and money and so we rely heavily on our IT system to manage accounting tasks,” says Lam. He adds that Karie is brilliant at manipulating complex data with Excel formulas and makes good use of accounting software for data-mining and other analysis tasks.

Karie’s IT competency was built up during her studies for the AAT examinations. “This competitive edge distinguishes Karie from her counterparts,” Lam suggests. Since the company’s operations rides on an enterprise resource planning system, it is crucial that the accounting team knows the system inside-out. That is not difficult at all for fast-learner Karie with her strong foundation in IT.

Apart from learning fast, the AAT graduate has also impressed Lam with her consistent high quality of work delivered. Unlike some immature and laid-back accounting personnel, Karie focuses on her performance. When she is assigned a task, she does all she can to get it well done.

While a computerized system co-ordinates most accounting tasks, Lam also has to manage Karie’s work and his to keep the flow streamlined. Lam notes that at the beginning Karie took on administrative tasks such as book-keeping. But now she is now in charge of the accounting flow of a company. “I am also trying to let her manage one of our subsidiaries, which involves retail units,” Lam explains. Accounting for a retailer is vastly different from other types of accounting since it involves stock-taking and inventory monitoring tasks, giving Karie a new valuable learning experience.

Hands-on accounting experience, promotion opportunities and a harmonious working environment are some of incentives for Karie to stay with the company. Lam advises her to enrol in a degree programme and gain a further qualification for her long-run development. Meanwhile, he looks forward to the industry’s future development.

“We maintain the company’s financial health to sustain its daily operations. We also perform revenue forecasts and financial budgets to support the company’s development,” says Lam. He believes that where there is business, there is demand for accounting services, and he aspires to do his best to support the group’s continuing growth in years to come.



“If I had not attained the AAT qualification, my entire career would have been

completely different,” says Wong, senior accounting clerk of Event Elite Production & Promotion Ltd., who passed the AAT examinations with excellent results. Wong never set out to be an accountant and had no strong aspiration towards an accounting career – until she decided to take the AAT examinations.

Navigating in the right directionIn Wong’s first attempt for HKCEE, her results were not too encouraging. She gave herself another chance, and this time she attained a credit in the principle of accounts subject. That motivated her to opt for accountancy so when she had to choose between computer studies and accounting, she opted for accounting and leveraged on some basic accounting knowledge learnt at her diploma course in the YMCA College of Careers. As the AAT qualification was gaining in popularity among employers

Versatile AAT – Karie Wong

People often make u-turns in their life after talking to an influential mentor, on reading a book or after certain incidents. For Karie Wong, attaining the AAT qualification was the life event that inspired her towards achieving more in her career.

By Aldric Chau

Making a difference in your career

25Careers and

Lifestyle


and tertiary institutions, Wong made the critical decision to study for this qualification. Upon completing the diploma course, Wong could have been exempt from two of the AAT papers. However, the diligent student decided to take them all in order to build a strong foundation for future.

While studying for the papers, Wong was hired by a CPA firm where she started by mainly handling administrative tasks. A while later, she joined her current employer as an accounting clerk; she has been with them for almost three years. During this time she has been given many opportunities to practise what she has learnt. Event Elite Production & Promotions Ltd. is a group with seven subsidiaries. Wong has to help manage the accounting for all these companies. On top of her normal accounting duties, she has to assist the external CPA firm during the annual audit. She also deals with taxation and company secretarial tasks. This makes her position a comprehensive on-the-job training experience.

“But my l ife in this company wouldn’t have been that easy without my accounting knowledge,” remarks Wong. She finds that each of the eight AAT examination papers delivered specific and essential skills for accountants at work. Through the advanced accounting, taxation and law subjects, she gained general exposure towards areas that she now comes into contact with daily. Through her studies for the IT paper, she mastered accounting software and Excel, enabling her to manage the complicated spreadsheets she opens every day. She knows she has greatly benefited from the pragmatic approach behind the AAT examinations.

Wise time managementHer skills extend beyond technical knowledge,

as Wong also learnt about time management.

“Before taking the AAT examination part-time

I had no idea of what time management was,”

she recalls. Studying after work and preparing

for the examinations in her spare time was a

real challenge and compelled Wong to manage

her time much more wisely. Gradually she

learned to study fast and work more efficiently.

According to Wong, the key to success is

prioritising tasks well so that you can move

forward at the right pace by getting the first

things done first. Time management skills have

becomes even more important now that she has

frequent deadlines to meet.

Having finished the eight AAT examination

papers, Wong now plans to take a degree in

accountancy in the Napier University before

joining HKICPA’s Qualification Programme

so as to move further along this fulfilling

professional path.

Career path of Karie Wong

Graduated from F.5 1999

Attained Diploma in

Accounting from YMCA

College of Careers

2000-2003

Undertook and passed

Accredited Technician

Examination (ATE)

2003-2008

Accounting clerk / Senior

accounting clerk - Event Elite

Production & Promotion Ltd

2006-current



For many, a Higher Diploma (HD) qualification may well serve as an entry ticket to a rewarding

workplace, but this is not the case for Simon Wan –a young fellow who believes in his potential, who is seriously about his career path and who is determined to be successful. Through the professional examinations offered by the HKIAAT, Simon first tasted the fruit of his hard work.

Simon’s passion for accounting was first ignited during his higher diploma studies. Translating this passion into action, Simon outshone in class at his first year, granting him a rare opportunity of direct-entry to a non-accounting degree programme. Appreciating the complexity of the discipline of accounting, Simon chose to consolidate his knowledge in accounting and finish his higher diploma

before proceeding on to a degree in economics and finance. “The three-year higher diploma consolidated my foundation in accountancy, which to me is a common and professional language for all businesses,” Simon says.

With a clear target in mind, Simon set out to make accountancy as his career. To stand out from the crowd of accounting students, he decided to pursue a professional qualification via the HKIAAT after graduating with a degree. The first step was the Accredited Accounting Technician (AAT) examination. He acknowledges that these examinations provide an exceptionally good foundation for accounting know-how, confirming one’s competence in the field and broadening one’s horizons. “Hong Kong is in need of many skilled workers and the accounting industry is no exception. An AAT qualification is an excellent starting point,” says Simon.

After attaining the AAT qualification, Simon moved on to a second stage. As a business degree holder, he could have taken a conversion programme offered elsewhere. Yet, without agonizing over his choices, he opted for the Professional Bridging Examination (PBE) from the HKIAAT. “I don’t think taking a PBE is in any way inferior to a taking a conversion programme. PBE offers more value-for-money, and is faster and more flexible,” Simon emphasizes.

Getting the best out of your life:Passport to success – Simon Wan

Focus on your path, determine

your successFrom his time as a Higher Diploma

student and an AAT to his position now

as a CPA and an Assistant Manager of

an audit firm with international profile

clients, Simon Wan talks about his

personal growth since embarking on

the HKIAAT examinations and how his

determination paves his way to success.By Foster Yim

27Careers and

Lifestyle


Being the top student in one of the four PBE papers was a great boost for Simon. “The AAT qualification and the PBE are essential for one’s professional development. Not only do they warm you up for a life of accountancy, but they also prepare and guide you on a professional path.” These intrinsic elements, solid foundation and confidence made Simon stand out from others who were taking QP without going through the AAT Examination and the PBE.

Handling two tasks at one time has never been easy; this is especially true for those working in the audit field. Simon is now an Assistant Manager for Samuel H. Wong & Co., a CPA firm which, through its U.S office, performs audit and review of U.S. publicly listed companies including some listed with NASDAQ. In compliance with the rules and regulations of the US Securities and Exchange Commission, Simon’s company has to meet tight deadlines. Not only he has to act as the first check for all the lengthy audit land review reports with precision, functioning as a bridging point between top management and colleagues, customers and the company, but Simon also has to take care of his team’s morale. This reminds him of the knowledge he gained from the QP.

“The QP prepares you to be a manager. It talks more about management and strategies. But without a solid foundation, a prompt update of the latest standards and motivation, like those you might obtain from AAT Exam and PBE, you might find this difficult. I find the HKIAAT examinations nicely revised and updated my accounting knowledge, which are really important to my day-to-day work. Just like checking audit reports, I believe all managers can spot out mistakes and errors, but equally, I believe, not all of them can tell why they happened – whether such mistakes and errors can be attributed to process irregularities or are purely man-made. My foundation studies come in useful here.”

But still, how can he handle studying and working at the same time, especially in a demanding field like audit?

“Many people look on professional examinations as something ‘good to have’, but I have a more determined view point. I set clear targets for myself – one year for the PBE and two years for the QP. And I met my targets. I also planned my time well beforehand. I was well-prepared for every examination; except for the final set of the QP, I did not fail any subject.”

Determination and preparation make a difference, but they are not enough for success. On being asked what his biggest achievement is, Simon humbly answers in a negative tone, saying that it is ‘yet to come’ as he feels he is still young and has a lot to learn.

It is this humbleness which drives Simon to reflect and excel, and it is his passion for focusing on his own path and determination for success which enable him get the best out of his life.

“Life is not just about study and work but many more experiences. Everyone has his/her own route. A less direct path may not be bad at the end of the day. The question is, did you make the best most of things? If so, you’ll have no regrets.”

Yes, get the best out of your life. Focus on your path, determine your success.

Study & Career Path of Simon Wan2002 Graduated from Community College of CityU Higher Diploma - Accountancy2004 Graduated from CityU BBA (Hons)

Business Economics2005 Obtained AAT Qualification and undertook

Professional Bridging Examination (PBE)2007 Attained HKICPA Qualification Programme

(QP)2005-2008 Associate – T.K.Lo & Co.2008 Became a CPA (Certified Public Accoutant)2008-Present Assistant Manager – Samuel H. Wong & Co.



Accountants are mindful of disclosure and compliance requirements. We adhere closely to accounting

standards and Companies Ordinance checklists the size of a telephone directory. The rat race continues around the clock to compete for the best presentation of financial statements. By standards, practices and law we orientate ourselves towards ‘excellence’. We are moulded by our role into a dichotomy paradigm: in compliance or not. A dichotomy is defined as a division into two usually contradictory parts or opinions. Thus, ‘yes or no’, ‘right or wrong’, ‘friend or foe’ are all dichotomous views.

We struggle after work to prepare for our examinations. We try to fit ourselves into job types and salary brackets in classified advertisements to know our self-worth. With this, we know ourselves and measure ourselves by examinations, income, and our asset value. We adopt a variety of dichotomous views in our self-appraisal.

The dichotomous view is a logical way of understanding the world, gives us structure for our thinking and helps us position ourselves in life. Without clear positioning, we are lost. We do not know how to relate appropriately to others. Is this the only way we know ourselves? For many of us, getting to define our persona is a difficult task because this is usually what we think of the least. Who are we without our titles? What risks do we face in our lives? What undermines the interpersonal relationships that form the indispensable parts of our self-identity? Who do we want to be? A dichotomy view has little to

A heterogeneous outlook to success using personality typology

By William Tong

offer in providing answers to these questions.

When the situation requires our judgment, a dichotomous worldview easily results in exclusion and dismissal of those who resemble us the least, in office politics, and even in business warfare, because we are tempted to take a stand on the side that we think is ‘right’, therefore implying that the other side is ‘wrong’. This might seriously undermine interpersonal relationships which are so important to success in a career, and which may then become just a by-product of an accidental matching of personal strengths and available opportunities. People simply attribute this to good luck and stop making further inquiries to understand how to take charge of their life other than relying on luck.

Life can be wonderful and we can be successful when we adopt a heterogeneous outlook. Personality typology is one of them. Are you helpful? Are you cool? Are you timid or are you oppositional? What is the right chemistry between you and your boss? To try answering questions like these, let us now take a look at personality types.

Among many personality typologies, Enneagram is one that has gradually risen in popularity in the past 20 to 30 years. Enneagram is a Greek word that means a diagram of nine points, which is inscribed into a circle to depict the sequence and relationship of the nine types of personality. Though lost for many years, this ancient wisdom is becoming a mainstream typology for “personal

29Careers and

Lifestyle


growth, therapy, spirituality, education, and business arenas” (Wagner J. 1999)

The Enneagram categorizes personalities into 9 main types, which are given different names by different proponents of the typology:

1 The good person (or the perfectionist, the reformer) who lives by principles, and strives for perfection, is very hard working and often seen as too rigid and dull but very reliable.

2 The loving person (or the giver, the helper) who attends to others’ needs more than their own needs, who wants to be loved by many and somehow expects reciprocity.

3 The effective person (or the performer, the achiever) who is competitive in nature and who finds meaning in life only by their achievements.

4 The original person (or the romantic, the individualist) who is seen to be emotional, introspective and attends strongly to emotional needs, is often artistic, poetic and moody.

5 The wise person (or the observer, the investigator) who enjoys learning and understanding the world through reading and learning, is often seen to be cool, quiet and not socially active.

6 The loyal person (or the loyal sceptic, the loyalist) who is often well-planned at all times, needs to feel very safe with people and is often seen to be timid.

7 The joyful person (or the epicure, the enthusiast) who is a person indulging in different kinds of interests and enjoyment, is creative, fun loving and quick to withdraw to avoid pain and suffering.

8 The powerful person (or the protector, the challenger) has strong and forceful leadership, is usually quick and hot tempered, is oppositional and insensitive to others’ feelings.

9 The peaceful person (or the mediator, the peacemaker) who enjoys peace and want to make peace among conflicts.

The categorization comes alive when each type is considered in its two distinct states: the healthy and the unhealthy state. Refinements into further social and sexual ‘sub-types’ and ‘wings’ provide dynamic analyses of personality.

Typical examples of all the types are given below for your quick reference:

No. 1: Nelson Mandela, Hilary Clinton, Martin Lee

No. 2: Mother Teresa

No. 3: Donald Trump, Bill Clinton

No. 4: Vincent Van Gogh, Paul Simon

No. 5: Bill Gates, Albert Einstein

No. 6: Princess Diana, George Bush

No. 7: Mozart, Peter Pan

No. 8: Martin Luther King, John Wayne, Wong Yuk-man

No. 9: Walt Disney, Tung Chee-hwa

Learning about personality tells you more about yourself, and somehow sheds light on your success or failure in your career. Finding insight into dealing with different personality types by first knowing about personality seems a logical way to go. Make this another way to a successful career and enriching life.

References:The Enneagram Spectrum of Personality Styles http://www.enneagramspectrum.com/articles/history.htm Enneagram.com http://www.enneagram.com/ The Enneagram Institute http://www.enneagraminstitute.com/

William Tong is a professional accountant. He specializes in executive coaching and training in management soft skills. His expertise includes strategic planning, setting goals, and making things happen. He delivers cultural changes and helps people to excel in life. He can be reached at [email protected]



Basic concepts of communicationCommunication is a big word. We use it often but how many of us really understand what it is. It is useful to revisit and remind ourselves of what it entails as communicating well is not an option, but a necessity.

What is communication?Communication is the imparting and transmittance of messages from one party to another, and that the meaning of the messages is received and understood by both parties. Communication occurs when what is said is correctly interpreted and received.

The communication processThe communication process consists of a sender encoding (translating) the intent into messages, using different medium or channels of communication to convey the messages, with the messages being decoded (interpreted) correctly by the receiver through a series of clarifications encompassed within the feedback mechanism, as shown in the diagram below.

Communication barriersAnything that prevents the sender and receiver from achieving common understanding and meaning is considered a blockage or a barrier, and such communication barriers can occur at any point(s) within the communication process. Ineffective communication is a result of barriers. These barriers are manifested in:• Barriers stemming from the mind - attitude• Barriers as a result of feelings• Barriers because of skill deficiencyThese barriers are not independent from one another and, unbelievable as it may be, they can and often do exist at the same time – a combination of barriers from the mind, feelings and skills deficiency all in one!

Stages of life and awareness for improving communicationAwareness is the basis for any improvement. We can’t improve unless we are aware of our own deficiencies, or, to put it positively, the areas for improvement. Communication is no different from any other issue here. Some people go through life not knowing better ways of communicating, so there isn’t necessary a linear relationship between age and better communication – even though we hope that as we grow older, we also grow wiser in everything we do, including able to communicate better. But it is never too late and we are never too old to learn.

Better Communication and Active Listening

By Weelan Ho

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Lifestyle


Communication is a socialization skill. We learn through and from the people around us, starting early on when we were toddlers and we learn from our parents. Our parents are our role models; their choice of words and behaviour influence us without us realizing, be it positive or negative. We probably choose the same vocabulary and exhibit almost the same behaviour. For example, if your parents or the people around you are fond of using negative words such as “stupid”, as an adjective or a figure of speech, the chances are that you will do the same.

Putting the negative burden of guilt on our parents, our childhood influences, is wrong for we are in control of our own life as we grow older. As adults, we must be responsible for our own behaviour. Thus, we need to make a conscious effort to remember what effective communication means, what it entails, and have the awareness to constantly confirm our ability to communicate.

Guiding principles for better communication1 Start with a positive attitude – be open and not

defensive, genuine and accepting of others, be non critical and avoid judging others or looking at people with prejudice

2 Consider people’s feelings – treat people with respect, promote self esteem of others, i.e. don’t put people down

3 Choose positive or neutral words – avoid abusive and negative words

4 Frame what we want to say in a positive form – e.g. instead of saying “you cannot go out with your friends because you need to study”, a better substitute in a positive form is “I would prefer you stay home to read”

5 Listen actively – be sure you understand, and that you are understood

6 Allow others the opportunity to talk – try not to talk over others. Pause to listen

7 Respond but do not react – a response is rational,

whereas a reaction is often based on emotions without considered thoughts

8 Avoid blaming in words and tone – blaming only aggravates the situation. It never helps

9 Discuss, explore and express – engaging others is much better than telling, advising and instructing

10 Maintain two-way communication – conversation is not a monologue

Active listeningActive listening is central to making communication work both ways. It requires us to be sensitive of the environment, to consider other people’s needs and to engage people, encouraging others to express their thoughts. Very importantly, it requires us to understand and confirm what has been said by using reflecting skills such as paraphrasing, clarifying and verifying, reflecting meaning and probing skills.

What is not said is equally important. This is usually conveyed through body language, or that little pause, or that little hesitation that adds flavour to the content of what was said. Active listening is not about hearing the words. Active listening requires us to use all our faculties. • Eyes to observe – body language• Ears to listen – to the words, tone and the little pauses

or hesitations• Nose to sense – scents and sixth sense• Heart to feel – could be empathy, a sense of things, a

hunch• Brain to provide logic, to differentiate and to draw

conclusions based on all of the aboveA message has two parts – the content and the feelings that give the full meaning. Body language doesn’t lie. Active listening – two simple words; a simple term – encompasses all.

Weelan Ho is Principal of PGA Consulting Limited, Consulting Advisor to MR-Asian Consulting Limited, and Director of Ascent Global Service Pty Ltd (Australia). For more information, visit www.pgaconsulting.com.

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