Removal of requirement for a qualified accountant in the Listing Rules of Hong Kong

In November 2008, the Exchange (Stock Exchange of Hong Kong Limited) removed the requirement for a qualified accountant in the Rules (Main Board Listing Rules and GEM Listing Rules) and expanded the Code Provisions of Appendix 14 - Code on Corporate Governance Practices regarding internal controls to make specific references to the responsibility of the directors to conduct an annual review of the adequacy of staffing of the financial reporting functions and the oversight role of the audit committee. This amendment became effective on 1 January 2009. Disclaimer: The publication contains information in summary form and is therefore intended for general guidance only. This publication is not intended as legal, accounting or other professional advice and should not be relied upon as such. If legal, accounting or other professional advice or expert assistance is required, the services of a competent professional should be sought. Neither Reanda Lau & Au Yeung Limited nor any related entity shall have any liability to any person or entity that relies on the information contained in this publication. For more details, please refer to HKEx news: http://www.hkex.com.hk/rule/listrules/Appendix_14.pdf