Professional Accountants Ordinance

(1)
A person shall be qualified to be registered under this Ordinance as a certified public accountant if he proves to the satisfaction of the Council
that—
(Amended
23 of 2004 s. 54
)
(a)
he has attained the age of 21 years;
(b)
he is of good character and is a fit and proper person to be a certified public accountant;
(Amended
22 of 1977 s. 5
;
96 of 1994 s. 10
)
(c)
any one of the following applies to
him—
(i)
as a student registered as such with the Institute, he has passed such examinations in accountancy and other subjects as may be prescribed by the Council;
(ii)
he is a member in good standing of an accountancy body with which there is in force an agreement of mutual or reciprocal recognition between the accountancy body and the Institute and he has complied with all conditions for the recognition as may be provided in the agreement;
(iii)
he is a member in good standing of an accountancy body for which
members—
(A)
the Council has granted full exemption pursuant to subsection (1A) from all the requirements of subparagraph (i); or
(B)
the Council has granted partial exemption pursuant to subsection (1A) from some of the requirements of subparagraph (i) and he has complied with all other requirements of that subparagraph for which no exemption was granted;
(iv)
he was registered as a professional accountant at any time before the relevant day; and
(Replaced
23 of 2004 s. 18
)
(d)
he has complied with such requirements relating to practical experience as may be prescribed by the Council.
(Added
96 of 1994 s. 10
)
(1A)
The Council may grant exemptions in whole or in part from the requirements of subsection
(1
)(
c
)(
i)
including exemption from the requirement of registration as a student of the Institute to a person who is a member of an accountancy body accepted by the Council by resolution approved by
two-
thirds of its members as being of a standard similar to that of the
Institute:
(Amended
23 of 2004 s. 18
)
Provided
that—
(a)
no exemption shall be granted to such a person in respect of any examinations prescribed under subsection
(1
)(
c
)(
i)
unless he has satisfied the Council that he has passed such examinations of that accountancy body as the Council considers to be of equivalent standard as the examinations for which exemption is granted; and
(Replaced
23 of 2004 s. 18
)
(b)
the acceptance of that accountancy body may be revoked by the Council by resolution approved by two-thirds of its members.
(Added
96 of 1994 s. 10
)
(2)
(Repealed
23 of 2004 s. 18
)