Registrar-Generals-Department-Annual-report-1969-1970 — Page 37

Authorized Auditors Board

94. The Authorized Auditors Board constituted under Section 132 of the Companies Ordinance is composed of ten members, namely, the Registrar of Companies (Chairman), the Accountant General and the Commissioner of Inland Revenue as ex officio members, a Legal Adviser, and six other members appointed by the Governor, of whom five are practising accountants.

95. The Board inquires into the professional qualifications, ex- perience, competency and character of all applicants for admission to the Authorized List of Auditors kept by the Registrar of Companies under Section 131(3)(a). This List is in two Parts, Part I containing the names of persons authorized to audit accounts kept in English, Part II the names of those authorized to audit accounts kept in Chinese. The Board may also sit as a disciplinary tribunal, having power to issue a reprimand or order the removal of the name of an auditor from the List.

96. During the year the Board inquired into and approved the applications of 28 auditors and 10 auditing firms for admission to Part I, and of 22 auditors and 10 auditing firms for admission to Part II of the Authorized List. At the end of the year there were 237 individuals and 93 firms on Part I of the List and 194 individuals and 81 firms on Part II. Of these, 165 individuals and 75 firms were on both Parts. Out of the 237 accountants on Part I of the List 182 were Chinese.

Companies Law Revision Committee

97. The Companies Law Revision Committee, of which the Registrar General is a Member and Mr. Charles Y. K. LEE, Assistant Solicitor in the Registrar General's Department is the Secretary, continued its review of the Companies Ordinance and its discussions on legislation for the prevention of fraud in relation to investments. By the end of the year the Committee had held thirty-six meetings in all.

Fees

98. The total of all fees collected by the Companies Registry under all Ordinances reached the astonishing new record figure of $7,247,206, an increase of $3,974,256 compared with the previous year's total. This year's total was made up as follows (with the previous year's figures for comparison):

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