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Government welcomes passage of Professional Accountants (Amendment) Bill 2022
     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Professional Accountants (Amendment) Bill 2022 by the Legislative Council today (July 13), which would enhance the election arrangement of the Council of the Hong Kong Institute of Certified Public Accountants (HKICPA) and the HKICPA's administrative procedures.
     The amended Professional Accountants Ordinance raises the nomination requirements for election to the HKICPA Council by increasing the number of nominations required from certified public accountants from the current two (one as a proposer and the other as a seconder) to 10 (one as a proposer and the other nine as seconders), and imposing a new requirement for obtaining nominations from two members of the Advisory Committee of the Accounting and Financial Reporting Council (AFRC) as seconders. The amended Ordinance also aligns the election cycle of all 14 elected Council members to a biennial cycle and enhances the administrative procedures for conducting Council elections and general meetings of the HKICPA.
     Mr Hui said, "The amended Ordinance ensures the robustness of the HKICPA's corporate governance and establishes a close linkage between the AFRC and the HKICPA, thereby enabling the effective discharge of the various functions under the new regulatory regime of the accounting profession and in turn benefitting the long-term development of the profession."
     The amended Ordinance will take effect on November 1, 2022. According to the transitional arrangement, the term of office of the 14 incumbent elected members of the HKICPA Council will draw to a close in end-2023. The enhanced election arrangement will commence operation at the Council election to be held then.
Ends/Wednesday, July 13, 2022
Issued at HKT 16:25
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