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Enoch Yiu

Firm's partners opt for architect of Audit Investigation Board

David Sun Tak-kei, former head of the Hong Kong Society of Accountants (HKSA)  and a current member of the stock exchange listing committee,  has been elected chairman of Ernst & Young's (E&Y) Hong Kong and China business, say sources.

The secret ballot, involving the 50 E&Y partners with equity holdings in Hong Kong's second-largest accounting firm, was held in recent days to elect a replacement for Anthony Wu Ting-yuk.

Mr Sun defeated  Bon Ho Ka-kui, Mr Wu's right-hand man, the only other candidate in the  election.

Mr Wu, chairman of E&Y's Hong Kong, China and Far East business since 2000, said he would step down  by the end of the year but would stay on as an adviser.

Sources said Mr Sun would  take on chairmanship of  Hong Kong and China while the title of chairman for Far East operations would be held by a partner in Britain.

'This is to let Mr Sun concentrate on business in the Greater China region, which is increasing in importance,'  a source said.

Mr Sun, who joined the firm 28 years ago in Chicago before being transferred back to Hong Kong, is chairman of E&Y's assurance and advisory business services.

Sources said Mr Sun's election bid was boosted by his  high-profile presidency in 2003 of the HKSA - now the Hong Kong Institute of Certified Public Accountants - when he  worked closely with the government on reforms to tighten regulation following the collapse of Enron and other accounting scandals in the United States.

The government accepted his proposal of an investigative accounting body that would function independently of the accountant's guild.

A bill will be submitted to Hong Kong's Legislative Council in June this year for the establishment of the independent Audit Investigation Board.



Sun wins Ernst & Young chair poll