Profession should be proud of its position
WE accountants should be fiercely proud that we have a profession in Hongkong which is uniquely independent in that we determine our own standards and regulations and police them.
Since the Hongkong Society of Accountants was incorporated by statue and started operating 20 years ago, we have fought hard for the right to decide our own future and demonstrate to both the public and government that we are worthy of that trust.
Since 1973, Hongkong has grown from a smallish industrial and commercial colony to one of the international financial centres. We have to keep pace with global developments.
The layman tends to think that after a clean audit report, he can expect that the entity reported upon has a clean bill of health.
We have a great deal of work to do to bridge this expectation gap; to inform everyone exactly what an audit will do and the extent of professional liability that auditors can shoulder.
I see the prospects bright for those of us who do keep up with the times and maintain the highest standards.