### Professional Accountants Ordinance 《專業會計師條例》

16. Accounts
(1) The Council shall maintain proper accounts of all transactions of the Institute and shall prepare for every financial year a statement of the accounts of the Institute, containing an income and expenditure account and a balance sheet, both of which shall be signed by the President.
(2) The Institute in general meeting shall appoint an auditor who shall be entitled at any time to have access to all books of account, vouchers and other financial records of the Institute and to require such information and explanations thereon as he thinks fit.
(3) The auditor shall audit the statements drawn up under subsection (1) as soon as possible and shall make a report thereon to all the certified public accountants. (Amended 96 of 1994 s. 8)
(4) A copy of the signed and audited statement of accounts, together with the auditor’s report made under subsection (3), shall be submitted for approval at the annual general meeting of the Institute next following the end of the financial year to which they relate. (Replaced 23 of 2004 s. 14)
(4A) A summary of financial statements shall be sent to each certified public accountant with the notice of the annual general meeting. (Added 23 of 2004 s. 14)
(4B) A certified public accountant may inspect a copy of the signed and audited statement of accounts at all reasonable times at the office of the Institute and the Institute shall provide to a certified public accountant on application a copy of the signed and audited statement of accounts without charge. (Added 23 of 2004 s. 14)
(5) The auditor shall be entitled to attend the annual general meeting of the Institute at which the statement of accounts which have been reported on by him are to be submitted for approval and to make any statement or explanation he desires with respect to the accounts.
(6) The Council shall determine the period, which may be more or less than 12 months, in respect of which the accounts of the Institute shall be made up.
(7) In this section, financial year (財政年度) means the period determined by the Council under subsection (6) as the period in respect of which the accounts of the Institute shall be made up; and summary of financial statements (財務報表撮要) means a summary, approved by the Council, of the audited statement of accounts of the Institute required to be laid before the annual general meeting of the Institute. (Amended 23 of 2004 s. 14)
(Amended 23 of 2004 s. 54)

### Professional Accountants Ordinance 《專業會計師條例》

17. General powers of Council
(1) The management and control of the Institute and of its property shall be vested in the Council and all such powers, acts or things as may be exercised or done by the Institute which are not required by this Ordinance, or by a resolution passed by the Institute in general meeting, to be exercised or done by the Institute may be exercised or done by the Council.
(2) No such resolution of the Institute shall invalidate the exercise of any power or the doing of any act or thing by the Council before the date of the resolution.
(3) Subject to this Ordinance, the Council may regulate its own procedure and that of any committee appointed under section 18(1)(m) relating to—
(a) the holding of meetings;
(b) the notice to be given of such meetings;
(c) the proceedings at such meetings;
(d) the keeping of minutes at such meetings; and
(e) the custody, production and inspection of such minutes.
(Amended 23 of 2004 s. 54)

### Professional Accountants Ordinance 《專業會計師條例》

18A. Council’s power to specify professional standards
(1) The Council may, in relation to the practice of accountancy, issue or specify any—
(a) statement of professional ethics; or
(b) standards of accounting, auditing and assurance practices,
required to be observed, maintained or otherwise applied by any certified public accountant. (Amended 23 of 2004 s. 54)
(2) Any—
(a) statement of professional ethics; or
(b) standards of accounting, auditing and assurance practices,
issued or specified by the Council and which were in force immediately before the coming into operation* of this section shall be deemed to have been issued or specified under subsection (1).
(Added 14 of 1992 s. 3. Amended 23 of 2004 s. 15) Editorial Note:
* Operation date: 3 April 1992.

18B. Council’s power to give directions
(1) The Council may, in connection with the discharge of any of its functions or duties or the exercise of any of its powers, give directions either generally to certified public accountants or to any one or more certified public accountants—
(a) requiring the production or provision to the Institute by a certified public accountant of any document or information in connection with the registration of any certified public accountant;
(b) requiring a certified public accountant to deliver up to the Institute any certificate of registration in the possession, custody or control of the certified public accountant if the registration to which the certificate relates has ceased to be valid. (Amended 41 of 2021 s. 115)
(c) (Repealed 41 of 2021 s. 115)(1A) (Repealed 41 of 2021 s. 115)(2) A direction given under this section shall be a direction lawfully given by the Council for the purposes of sections 3B(1)(f)(i) and 4(2)(a)(vi), (3)(b), (4)(b) and (5)(g) of the AFRC Ordinance. (Amended 41 of 2021 s. 115)
(3) The Council may prescribe penalties of an amount not exceeding $50,000 to be imposed for failure by a certified public accountant to comply with a direction given to him but no penalty shall be imposed on a certified public accountant unless he admits to the failure and agrees to the penalty and any penalty so imposed may be recovered by the Institute from the certified public accountant as a civil debt.
(4) (Repealed 41 of 2021 s. 115)(Added 23 of 2004 s. 16)

### Professional Accountants Ordinance 《專業會計師條例》

19. Council may accept grants, gifts, etc.
(1) The Council may, on behalf of the Institute, accept property, by way of grant, gift, testamentary disposition or otherwise, on such conditions as it may determine.
(2) A list shall be kept by the Registrar of all donations to the Institute and the name of the donor and any special conditions attached to the donation shall be entered in the list.
(3) Property donated to the Institute for a specific purpose shall be applied for that purpose.
(Amended 23 of 2004 s. 54)

20. Reimbursement of expenses of Council members
No fees shall be paid to any member of the Council for his services as a member, but a member may be repaid from the funds of the Institute any expenses incurred by him in relation to the affairs of the Institute.
(Amended 23 of 2004 s. 54)

21. Appointment of Registrar and notification to Registrar of Companies
(1) The Council shall appoint, on such terms and conditions as it thinks fit, a Registrar.
(1A) If a vacancy occurs in the office of the Registrar, or if the Registrar is ill or temporarily absent from Hong Kong, the Council may appoint another person to act in the office of the Registrar until the vacancy therein is filled or, as the case may be, until the Registrar resumes his duties. (Added 96 of 1994 s. 9)
(2) The Registrar shall be the secretary to the Institute and to the Council and shall, on the instruction of the President, convene any meeting of the Institute or of the Council. (Amended 23 of 2004 s. 54)
(3) The Council shall register the appointment of the Registrar or any appointment under subsection (1A) with the Registrar of Companies. (Amended 8 of 1993 s. 4; 96 of 1994 s. 9)