A
I
3
1
Four thly
It is within the capability of the
Hong Kong Society of Accountants to govern the conduct of all its members by way of
Codes of Practice.
In summary, Sir, it would seem that in regard to the residential requirement this Bill provides a solution to a problem that doesn't exist. Two weeks ago in this Council the Chief Secretary made reference to common sense and the fact that this admirable quality is shared by both the Administration and the private sector. I am happy to report today we have a good example of that working in practice.
At the Committee Stage I shall move an amendment to delete the whole of Clause 8 from this Bill, which I understand is acceptable to the Administration. We have suggested through the Administration to the Council of the Hong Kong Society of Accountants that the contentious issue of residential requirements for all auditors might be best handled by means of a Code of Practice issued by the Hong Kong Society of Accountants. this, we are convinced that the integrity of our commercial activities in Hong Kong will be upheld in what is probably a more appropriate way for a body of professionals.
With
Sir, what remains of this Bill are non-controversial proposals to make a number of amendments to the Professional Accountants Ordinance in regard to its disciplinary rules and procedures and the number of members of the Council. The opportunity has also been taken to rectify minor defects in the Ordinance and generally attend to matters of a 'house-keeping' nature considered necessary by the Hong Kong Society of
Accountants.
Sir, subject to the amendment to be moved at the Committee Stage Unofficial Members now support this Bill.