XN000022-1990-03-21 — Page 17

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WEDNESDAY, MARCH 21, 1990

TO AUDITORS MEETING,"

THEREFORE "THE SOCIETY HAS

SUGGESTED TO THE ADMINISTRATION THAT, AS IN THE UK, STATUTORY PROTECTION SHOULD BE GIVEN TO COVER INFORMATION THAT THEY MIGHT DISCLOSE AT SUCH A SAID.

HR

THE BILL THAT

BE REPEALED,

MR NENDICK SAID IT WAS PROPOSED IN CLAUSE 5 OF THE EXISTING LEGISLATION CONCERNING TRIPARTITE MEETINGS AND REPLACED BY A MORE GENERAL PROVISION EMPOWERING DISCLOSE INFORMATION TO THE COMMISSIONER IN GOOD FAITH.

THE SOCIETY'S GUIDELINES WOULD THEN WHERE MEETINGS BETWEEN THE AUDITORS AND HELD.

THE

PROCEEDINGS AGAINST

AUDITORS

TO

GOVERN THE CIRCUMSTANCES

COMMISSIONER SHOULD

BE

HE AUDITORS,

SAID THE PROCEEDINGS

ON DISCIPLINARY PRESENT PROVISIONS CONCERNING COMPLAINTS AND DISCIPLINARY AGAINST AUDITORS WERE UNDULY RESTRICTIVE.

MAKE

UNDER SECTION 62 OF THE ORDINANCE, THE COMMISSIONER COULD A COMPLAINT IN RESPECT OF ANY AUDITORS OF AN AUTHORISED INSTITUTION.

THIS

EXCLUDED IMPLICITLY

AUDITORS OF

FORMER INSTITUTIONS AND FORMER AUDITORS OF AUTHORISED INSTITUTIONS.

FURTHERMORE, ALTHOUGH

AUTHORISED

THE COMMISSIONER WAS PERMITTED DISCLOSE INFORMATION TO THE DISCIPLINARY COMMITTEE OF SOCIETY OF ACCOUNTANTS IN RESPECT OF ALLOWED TO DISCLOSE SUCH INFORMATION TO THE

OR TO GIVE EVIDENCE AT THE HEARING.

то

THE HONG KONG SUCH COMPLAINTS, HE WAS NOT AUDITOR UNDER COMPLAINT

中甲

THESE

RESTRICTIONS MAKE

DISCIPLINARY ACTION TO BE TAKEN AGAINST AUDITORS OR CLAUSE 9 INTRODUCES CHANGES TO RECTIFY THESE DEFICIENCIES 6 REPEALS

SECTION 62 WHICH

CONSEQUENCE, HE SAID.

IT

DIFFICULT

IS CONSIDERED UNNECESSARY

FOR EFFECTIVE FORMER AUDITORS.

AND CLAUSE A AS

THE BILL ALSO REMOVE SOME

DEFENCE

FOR

SUMMARY

UNINCORPORATED

REFERRING TO OTHER AMENDMENTS, MR NENDICK SAID

MISCELLANY

OF

AMENDMENTS TO MINOR PROPOSED A

4 CLAUSE ANOMALIES.

RELATED TO NOTIFICATIONS UNCERTAINTIES AND

WIDENED THE SCOPE OF THE CLAUSE 10 CONCERNING AUDITORS.

THE

TIME LIMIT CLAUSE 11 EXTENDED PROVISIONS.

REPEALED REFERENCES TO PROSECUTIONS. OTHER CLAUSES BANKS AS THIS CATEGORY NO LONGER EXISTED.

MR NENDICK SAID THE SOCIETY OF THE PROPOSALS RELATING TO MEETINGS WITH FULL SUPPORT.

CONSULTED ON

AND HAD EXPRESSED

WAS ACCOUNTANTS

AUDITORS

ADVISORY COMPANIES

THE

THE BANKING AND DEPOSIT-TAKING WERE CONSULTED AND HAD EXPRESSED SUPPORT TO OF THE BILL.

COMMITTEES PRINCIPAL PROPOSALS

DEBATE ON THE BILL WAS ADJOURNED.

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