The paper details recommendations resulting from the review - which it is hoped will effect "a greater level of transparency, effectiveness and independence in the regulation of professional accountants."

Some of the major recommendations include: disciplinary hearings to be held in public, and the findings of individual cases published in press releases; lay participation in the Disciplinary Committee to increase; bodies representing major users of professional accounting services allowed to nominate lay members to the Disciplinary Panel; and members of the public may bring a complaint directly to a Disciplinary Committee, where the HKSA council has decided not to refer a case to a Disciplinary Committee.

President of the HKSA P M Kam said that the review was 'extremely important in the light of the current public expectations, with some major recommendations strongly impacting on how the Society conducts disciplinary hearings and processes complaints from the public'.

The attempt to secure greater transparency comes as a response to increased concern over the regulation of the accountancy profession, following the spate of corporate failures and referrals by the Hong Kong Stock Exchange to the Society for enquiries into the conduct of auditors in 1998 and 1999.

According to Kam, the increased public disclosure and accountability reflected by the recommendations demonstrates to the public that the HKSA council will fulfil its statutory obligations and commit all cases to an open procedure and a fair level of discipline.

The White Paper has now been issued to all members of the HKSA, the public and interested bodies. They must submit their views to the Registrar of the Society by 31 October 2000. The full text is available on the Society's website at www.hksa.org.hk.

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