Hong Kong's accounting regulator plans to strengthen its rules for auditors to improve standards in the industry.
The Hong Kong Institute of Certified Public Accountants suggested in a consultation paper that auditors who sign standard statutory audit reports should practise in the name of a company, not as individuals.
It said auditors who renew their required practising certificate must have a year of auditing experience gained in Hong Kong or on the mainland in the past two years.
Institute president Paul Winkelmann said with the financial world in disarray, the regulator needed to ensure the accounting profession was doing its best to fulfil its public interest obligations.
'A strong accounting and auditing profession can help stabilise markets and dampen uncertainty,' Mr Winkelmann said, adding that the proposed move could help minimise potential auditing deficiencies.
Winnie Cheung Chi-woon, the chief executive of the institute, said the suggestion that certificate holders should practise only in the name of a firm would allow the regulator better oversight and ensure firms had adequate internal controls. She said the proposed rules were in line with international standards.