HK PRL published the professional accountants (amendment) bill 2022 in the gazette.
Follows HK PRL Jul. 2021 financial reporting council amendment bill, see#111207
Aims to amend the election mechanism of the council of the Hong Kong institute of certified public accountants (HKICPA) and enhance its administrative procedures.
Amendments
Raise HKICPA nominations from 2 to 10 including 1 proposer and 9 seconders.
Candidate will also need to obtain nomination from 2 members of the advisory committee to accounting and financial reporting council (AFRC) as seconders.
Align the election cycle of all 14 elected council members of the HKICPA to biennially.
Extend the term of the 7 council members elected in end-2020, the term of the president and vice-presidents elected in end-2021 to until end-2023 for transition.
Amend provisions in PA by-laws on general meetings procedure to be more flexible.
Extend the time frame for lodging of nomination papers for election from 7 to 14 days.
