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Broader accountancy reforms urged

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Britain's ACCA tells the HKSA to restore public confidence with more aggressive regulatory measures

The Hong Kong Society of Accountants (HKSA) has been urged by its British counterpart to adopt more aggressive reform plans to restore public confidence in the industry.

The Association of Chartered Certified Accountants' (ACCA) global president Sam Wong King-on said the local accounting regulator should do more to repair the damage done to the industry in the wake of recent scandals.

Following high-profile accounting scandals in the United States and Hong Kong last year, the HKSA proposed setting up a full-time independent investigation panel in December to tackle false accounting cases involving listed companies, insurers and banks.

Mr Wong said the HKSA suggestion was a good first step but urged the local accounting body to go further by setting up an independent panel to handle disciplinary matters.

'It is not good enough to have an independent panel in charge of investigating accountants, it remains the duty of the HKSA to handle disciplinary issues after an investigation,' he said.

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