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You are good to complete the jobs.  I still work hard on the M code profit cases.


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My firm handles over ten cases this year.  I will recommend the client to go to other banks to open bank accounts because even you can submit all required information, some more information will be requested thereafter.


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Hehe...I would like to buy one also.  But, the old practitioner makes the un-believable offer to push down the deal.  I will say that the firm should sell to the capable practitioner; otherwise, your long relationship client will keep finding you to solve the problems.


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Yes, the retained clients will be the main factor to consider.  This is not risk free, or many clients will move to other firms.  I did it a decade ago.  Still not bad I can retain about 60% clients.  M&A is the short cut to grow up the firm, and there is no guarantee to be successful. 


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That is common for the new practitioner to buy the business to set up the firm.  So, I bought out the business from other practitioner, instead of slow start up.  Usually, the practitioner would like to sell out the business because of retirement or immigration.  If the firm is quite profitable, no one is willing to sell it.  From your case, someone gave you a cold call to buy your firm, and the failure rate will be almost 100%.  Just you said, your firm is running quite good and why you would like to sell it.  However, the business of CPA firm is not good, and there may have some offers to sell the firm soon.


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Really, last time the senior practitioner wants to sell the practice.But, he asked for the commission on every jobs after selling the firm.  I have no idea such practitioner is really willing to sell the practice. 


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My firm will not hire the juniors this couple of years because they ask the quite high salary and they do not know how to do the audit works.  This is better to pay more to hire the experienced and independent staff.


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PR is a good exercise to let you know how to do the standard workings. At least, you still have a month to prepare.


Quality Control Manual and Audit Practice Manual both are important reference. Also, you should inform your Monitor to examine the firm wide control and files inspection again before the PR.


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Now, the new formation of company is required to do the due D first before accepting the job in accordance with new AMLO. Do you get the TCSP license from CR? 


The review manager will ask for the Monitor's report of firm wide and file inspection.


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The difficulty is to open the bank account in Hong Kong.  If not, you cannot have the business.


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Tell your Monitor also, and there will have some questions to ask your Monitor.  Good luck.


Once you sign the audit report, and you should inform the HKICPA to be included in the Practice Review.  Later on, you may receive the registered mail from the HKICPA for PR, even you just sign a few audit reports.


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