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Detailed competency map


Academic year: 2021

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Detailed competency map

Additional competency requirements

for entry to the Hong Kong Institute of CPAs’

qualification programme

(Professional bridging examination)


Fields of competency

The items listed are shown with an indicator of the minimum acceptable level of competency, based on a three-point scale as follows:

1. Awareness

To have a general academic awareness of the field with a basic understanding of relevant knowledge and related concepts.

2. Knowledge

The ability to use knowledge to perform tasks competently without assistance in straightforward business situations or applications.

3. Application

The ability to apply comprehensive knowledge and a broad range of skills in a business setting to solve most problems generally encountered.


Paper IV: PBE Business law and taxation

Aim: This subject aims to provide students with:

• an awareness of the overall legal framework in which businesses in Hong Kong operate so as to enable them to apply the relevant laws and practices to business problems and practical situations; and

• an awareness of the taxation system in Hong Kong and taxation computation and basic tax planning.


Unit of competency

Activity required to demonstrate competence (Performance indicators)

Level of competence

required 1. Hong Kong legal system

 Describe the need for law 3

 Outline the constitutional framework applying in Hong Kong society

3 Understanding of the

principal features of the legal environment, in particular:

 The historical and formal sources of Hong Kong law

 The system of courts and administration of justice

 The doctrine of precedent

 Legislation and statutory interpretation

 Explain the differences between legislation and case law


2. General principles of contract law

 Describe the effects of different means of communications of acceptance


 Explain the meaning of intention to enter into legal relations


 Describe the effect of illegality 3

Understanding of the essential elements of a contract and the consequences of breaching a contract, in particular:

 The essentials for the formation of a contract

 Formality and terms of contract

 Vitiating factors affecting the validity of a contract

 The discharge of contracts

 Remedies for breach of contract

 Explain the circumstances in which specific performance and injunctions may be suitable remedies


3. Law of tort


negligence and business liability

 Describe particular forms of business liability 2

4. Employment laws

 Explain the scope of the Employment Ordinance


 Identify who is classified as an employee 2

 Explain the key provisions of the ordinance 2

 Describe the process of a hearing in the Labour Tribunal

2 A general understanding


 The provisions of the Employment Ordinance

 The jurisdiction and procedure of the Labour Tribunal

 The provisions of Sex Discrimination

Ordinance, Disability Discrimination

Ordinance and Family Status Discrimination Ordinance in the context of employment

 Explain the key provisions of Sex Discrimination Ordinance, Disability

Discrimination Ordinance and Family Status Discrimination Ordinance


5. Bribery and corruption laws

 Explain the scope of the Prevention of Bribery Ordinance


 Explain the key provisions of the ordinance 2

 Describe the role of the Independent Commission Against Corruption (ICAC)

2 A general understanding


 The provisions of the Prevention of Bribery Ordinance

 The powers of investigation of the ICAC

 Money laundering reporting obligations under Organized and Serious Crimes Ordinance

 Explain the obligations under the money laundering legislation


6. The principal forms of ownership of business

 Explain the liability attaching to partners 3

 Identify the key provisions to be included in joint venture agreements


 Explain the concept of limited liability 3

 Explain the registration obligations under the Business Registration Ordinance

3 Comparison of ownership

and governance structures of:

 sole traders



 joint ventures

Explain the registration requirements under the Business Registration Ordinance

Understanding of the non- Hong Kong company provisions under Companies Ordinance

 Explain non-Hong Kong company provisions under Companies Ordinance



7. Company law: company formation

 Describe the procedures in the formation of a registered company


 Explain the relevance of the provisions contained in the company’s memorandum


 Explain the content of Table A/other chosen Articles of Association

3 Understanding of the

process of forming an incorporated body, in particular:

 The formation of a company and its constitution

 The role of the Registrar of Companies

 Registers; content, rights of access and location of a company’s register of members, directors and

secretaries, debenture holders and charges

 Statutory books, records and return

 State the requirements for record keeping 3

8. Capital and financing of companies

 Differentiate between different classes of share capital


 Distinguish between fixed and floating charges


 Explain how a company may alter its share capital


 Explain the priority of different types of charges in the event of receivership and winding up

2 Understanding of the

nature of share capital and loan capital and to appreciate its complex nature, in particular:

 Share capital, how it is raised, classes of shares, alteration of share capital

 Distributions to shareholders

 Loan capital, forms of borrowing and types of security

 Maintenance of capital

 Explain the importance of maintenance of capital


9. Administration of companies

 Describe how directors are appointed and removed


 Explain the fiduciary duties of directors 3

 Explain the duty of care and skill owed by a director to his company

3 Understanding of how

companies make decisions and manage their activities, in particular:

 The role and duties of company directors and company secretaries

 The role and duties of auditors

 The conduct of company meetings

 Distinguish between the business of the company decided by directors and matters requiring the approval of the shareholders in general meeting



10. Liquidation

 Describe the types of liquidation 3

 Explain the roles of liquidators 3

A general understanding of:

 Compulsory winding-up by the court

 Members’ voluntary winding-up

 Creditors’ voluntary winding-up

 Appointment, powers, duties, liabilities and resignation of liquidator

 Procedures for liquidation

 Describe the procedures for liquidation 3

11. Overview of taxation system

 Describe the key aspects of the tax system in Hong Kong including tax administration


 Identify the various types of taxation and tax bases applicable in Hong Kong


 Criteria for ascertaining chargeability for all major taxes

2 Understanding of the key

aspects of the Hong Kong taxation system

 Identify and explain basic tax planning issues 2 12. Tax computation

Understanding of the computation of tax liabilities arising from:

 Salaries tax

 Profits tax

 Stamp duty

 Property tax

 For straightforward transactions and situations, calculate and advise on tax liabilities for individuals, unincorporated businesses, partnerships and companies



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