THURSDAY, APRIL 7, 1977
PROFESSIONAL ACCOUNTANTS (AMENDMENT) BILL
******
THE PROFESSIONAL ACCOUNTANTS (AMENDMENT) BILL 1977, WHICH WAS PUBLISHED IN THE GAZETTE TODAY, SEEKS TO ALTER CERTAIN REQUIREMENTS CONCERNING THE ISSUE OF PRACTISING CERTIFICATES.
IF ENACTED, AN ACCOUNTANT WISHING TO APPLY FOR A PRACTISING CERTIFICATE FROM THE HONG KONG SOCIETY OF ACCOUNTANTS WILL HAVE TO BE ORDINARILY RESIDENT IN HONG KONG AND TO HAVE SOME KNOWLEDGE OF LOCAL LAW AND PRACTICE.
IN ADDITION, MEMBERS OF THE CHARTERED INSTITUTE OF PUBLIC FINANCE AND ACCOUNTANCY AND THE INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS, BOTH BASED IN BRITAIN, WILL NOT BE ISSUED WITH PRACTISING CERTIFICATES SOLELY BY VIRTUE OF THE MEMBERSHIP OF EITHER OF THE TWO INSTITUTES. WHILE THEY WOULD CONTINUE TO BE REGISTERED AS PROFESSIONAL ACCOUNTANTS WITH THE HONG KONG SOCIETY OF ACCOUNTANTS THEY WILL NOT BE ISSUED WITH PRACTISING CERTIFICATES UNTIL THEY HAVE PASSED CERTAIN EXAMINATIONS.
COMMENTING ON THIS PROVISION, A GOVERNMENT SPOKESMAN SAID THAT THE TRAINING OF MEMBERS OF THESE TWO INSTITUTES IS NOT DIRECTED TOWARDS CONDUCTING STATUTORY AUDITS. AUDITING IS NOT EXAMINED AS A SEPARATE SUBJECT BY THE INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS, WHILE THE TRAINING OF MEMBERS OF THE CHARTERED INSTITUTE OF PUBLIC FINANCE AND ACCOUNTANCY IS AIMED AT THE REQUIREMENTS OF THE LOCAL GOVERNMENT IN THE UNITED KINGDOM.
BOTH INSTITUTES WERE CONSULTED AND HAVE RAISED NO OBJECTION TO THE AMENDMENTS.
+THIS PROPOSED AMENDMENT WOULD BRING THE SITUATION INTO LINE WITH THAT IN THE UNITED KINGDOM AND OTHER COMMONWEALTH COUNTRIES WHERE THE TWO INSTITUTES IN QUESTION ARE NOT RECOGNISED FOR THE PURPOSE OF COMPANY AUDIT AND SHOULD RESULT IN THE SOCIETY OBTAINING WIDER OVERSEAS RECOGNITION, THE SPOKESMAN SAID.
THE BILL CONTAINS A NUMBER OF MISCELLANEOUS AMENDMENTS INCLUDING PROVISION FOR THE REGISTRATION OF FIRMS OF ACCOUNTANTS.
J
AT PRESENT, THERE IS ALREADY PROVISION FOR THE REGISTRATION OF INDIVIDUALS.
15
No comments yet.
Private notes are available after approval.