XN000022-1991-10-23 — Page 2

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WEDNESDAY, OCTOBER 23, 1991

BILL TO STRENGTHEN MONITORING OF PROFESSIONAL

ACCOUNTANT STANDARDS INTRODUCED

(AMENDMENT) ACCOUNTANTS THE PROFESSIONAL

BILL 1991 SEEKS

ΤΟ THE PROFESSIONAL ACCOUNTANT KAI-YIN, SAID

TO MAKE A NUMBER OF AMENDMENTS ORDINANCE, THE SECRETARY FOR THE TREASURY, MR YEUNG TODAY (WEDNESDAY).

IN THE LEGISLATIVE

MOVING THE SBCOND READING OF THE BILL COUNCIL, MR YEUNG SAID THE AMENDMENTS, WHICH WERE PROPOSED BY THE HONG KONG SOCIETY OF ACCOUNTANTS, WERE DESIGNED TO STRENGTHEN THE SOCIETY'S

OF ITS STANDARDS THE PROFESSIONAL ABILITY MEMBERS.

סיו

MONITOR

PRACTISING

"AT PRESENT, THE SOCIETY REGULATES THE

HE SAID. MEMBERS THROUGH A REACTIVE SYSTEM,

ACTIVITIES OF

ITS

A PROFESSIONAL

"UNDER THIS SYSTEM THE WORK AND CONDUCT OF ACCOUNTANT CAN ONLY BE EXAMINED AFTER A FORMÁL COMPLAINT."

YOUNG

NOW

GIVEN RISING PUBLIC THAT POINTED OUT MR HOWEVER,

THE SOCIETY STANDARDS, PROFESSIONAL EXPECTATIONS CONCERNING BELIEVED THAT IT WAS DESIRABLE TO ENHANCE ITS REGULATORY ACTIVITIES.

ADDITIONAL

HE NOTED THAT THE BILL PROVIDED THE SOCIETY WITH

METHODS AND POWERS THAT WOULD ENABLE IT TO REVIEW, OR EXAMINE, THE

AUDIT WORK TO OF PRACTISING PROCEDURES

MEMBERS RELATING TO THEIR

THAT DETERMINE WHETHER THEY COMPLIED WITH THE PROFESSIONAL STANDARDS HAD BEEN LAID DOWN BY THE SOCIETY.

THE BILL ALSO EMPOWERED THE SOCIETY TO INSTIGATE DISCIPLINARY PROCEEDINGS AGAINST ANY MEMBER WHO REFUSED TO COMPLY WITH REQUIREMENTS OF A REVIEW, OR WHO WAS FOUND TO BE IN BREACH OF THE STANDARDS OF THE SOCIETY.

PROFESSIONAL

MR YEUNG SAID THE GOVERNMENT STRONGLY SUPPORTED THE AMENDMENTS CONTAINED IN THE BILL, AS THEY REPRESENTED A POSITIVE STEP TOWARDS ENSURING THAT HIGH PROFESSIONAL ACCOUNTANCY WERE MAINTAINED IN THE PUBLIC INTEREST.

PROPOSED FURTHER

STANDARDS IN

"TO ENSURE THAT THE INTERESTS OF. MEMBERS OF THE SOCIETY THEIR CLIENTS ARE PROTECTED, THE BILL ALSO MAKES SPECIFIC

HE SAID. CONCERNING IMMUNITY AND SECRECY,

"

AND

PROVISIONS

DEBATE ON THE BILL, WHICH WAS GAZETTED ON OCTOBER

11, WAS

AJ JOURNED.

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