Removal of Requirement For A Qualified Accountant in The Listing Rules of Hong Kong
In November 2008, the Stock Exchange of Hong Kong Limited has removed the requirement for a qualified accountant from the Listing Rules but expanded the Code Provisions in the Code on Corporate Governance Practices regarding internal controls to make specific references to the responsibility of the directors to conduct an annual review of the adequacy of staffing of the financial reporting function and the oversight role of the audit committee.
Read more about this topic: Accountancy In Hong Kong
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“Many a reformer perishes in his removal of rubbish,—and that makes the offensiveness of the class. They are partial; they are not equal to the work they pretend. They lose their way; in the assault on the kingdom of darkness, they expend all their energy on some accidental evil, and lose their sanity and power of benefit.”
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