WEDNESDAY, JUNE 27, 1990
19
EARLIER, MR NENDIOR SAID HE WAS GRATEFUL то ARCULLI AND MEMBERS OF THE AD HOC GROUP FOR CONSIDERATION OF THE BILL.
THE [FON RONALD THEIR CAREFUL
MOVING THE AMENDMENTS IN THE COMMITTEE STAGE, MR NENDICK SAID THE BILL HAD TO BE RE-NUMBERED AS THE BANKING (AMENDMENT) (NO. 3) ORDINANCE ON ENACTMENT BECAUSE THE ORIGINAL BANKING (AMENDMENT} (NO. 3) BILL, OWING TO ITS EARLIER ENACTMENT, HAD BECOME THE BANKING (AMENDMENT) (NO. 2) ORDINANCE.
TRUSTING RELATIONSHIP KEY TO HK'S SUCCESS
SECTOR
A TRUSTING WORKING RELATIONSHIP BETWEEN THE FINANCIAL AND THE ACCOUNTING PROFESSIONS HAS BEEN, AND WILL CONTINUE TO BE. AN
HONG IMPORTANT INGREDIENT FOR THE SUCCESS OF
KONG, THE HON RONALD ARCULLI SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
TO FIND A FOR DIRECT AUDITORS AS
HE SAID HE HAD NO DOUBT THAT AUTHORISED INSTITUTIONS AND THE ACCOUNTING PROFESSIONS WOULD BE PREPARED TO WORK TOGETHER SOLUTION CONCERNING THE DRAWING UP OF GUIDELINES COMMUNICATION BETWEEN THE COMMISSIONER OF BANKING AND PROVIDED IN THE BANKING (AMENDMENT) (NO. 2) BILL 1990.
SPEAKING IN THE RESUMED DEBATE OF THE BILL, MR ARCULLI SAID OF THE BILL SOUGHT TO RELIEVE AN AUDITOR OF AN AUTHORISED INSTITUTION
OF HIS DUTY
CONFIDENTIALITY TO THE CLIENT INSTITUTION WHERE HE COMMUNICATED IN GOOD FAITH TO THE COMMISSIONER OF BANKING INFORMATION
HIS OR OPINION ON A MATTER OF WHICH HE BECAME AWARE IN AUDITOR AND WHICH WAS RELEVANT TO THE FUNCTIONS OF THE COMMISSIONER.
CAPACITY AS
SITUATIONS IN BETWEEN HIM AND
IT PROVIDED PROTECTION TO AN AUDITOR ESPECIALLY WHERE BILATERAL DISCUSSIONS ON A CLIENT INSTITUTION THE COMMISSIONER WERE CALLED FOR, HE ADDED.
AS CONVENER OF THE LEGISLATIVE COUNCIL AD HOC GROUP FORMED
ΤΟ
STUDY THE BILL, MR ARCULLI SAID THE FINANCIAL SECTOR AND PROFESSIONAL ORGANISATIONS WERE BEING CONSULTED ON THE BILL.
EXTENSIVE DISCUSSION THE AD HOC GROUP, AFTER
BE SUPPORTED AND
CONCLUDED THAT
THE NON-STATUTORY ROUTE SHOULD
THAT AN EXPLICIT PROVISION FOR RESERVE POWER FOR THE COMMISSIONER WAS NOT NECESSARY.
NON-STATUTORY GUIDELINES
WOULD HAVE FLEXIBILITY APPLICATION AND INTERPRETATION, HE SAID.
HONG
IN
ITS
MR ARCULLI NOTED THAT THE
KONG SOCIETY OF ACCOUNTANTS (HKSA) HAD, SINCE 1988, ADOPTED A SET OF GUIDELINES SETTING OUT CIRCUMSTANCES UNDER WHICH AUDITORS MIGHT INITIATE DISCUSSION WITH
COMMISSIONER DIRECT, AND SATISFACTORILY.
THE GUIDELINES
THE
WERE APPARENTLY WORKING
/ON RESERVE