Legislative Yuan Preliminary Review: Accountants to be Included as Estate Administrators

(CNA reporter Wang Cheng-chung, Taipei, July 1st) The Finance Committee of the Legislative Yuan today preliminarily reviewed and passed amendments to the Certified Public Accountant Act, including "estate administrator" within the scope of professional practice for accountants. The legislative explanation for the preliminary review stated that accountants are familiar with estate-related tax procedures, and having accountants serve as estate administrators will help protect the interests of the deceased, creditors, and the socio-economy, preventing the dissipation of estates.

The Finance Committee of the Legislative Yuan today preliminarily reviewed and passed amendments to the Certified Public Accountant Act. Considering that the duties of an estate administrator are related to finance and fall within the expertise of accountants, and that accountants' current professional practice already includes acting as executors of wills, the preliminary review explicitly includes "estate administrator" in the professional practice of accountants to facilitate public identification of professional services.

The legislative explanation for the preliminary review stated that accountants are familiar with estate-related tax procedures and that their current professional practice already includes acting as executors of wills, making it appropriate for accountants to serve as estate administrators. Accountants' professional practice must not only strictly adhere to legal regulations but also be bound by their professional ethical codes. Therefore, the accounting profession holds considerable public trust. Having accountants serve as estate administrators will help protect the interests of the deceased, creditors, and the socio-economy, preventing the dissipation of estates.

Additionally, current regulations stipulate that accountants, unless their practice registration is canceled, shall not serve as civil servants or as directors, supervisors, or managers of public enterprises.

While balancing conflicts of interest and professional independence, the preliminary review also relaxed the restrictions on accountants concurrently serving as directors or supervisors of public enterprises. The current article has been amended to state that accountants shall not serve as civil servants or hold positions in public enterprises that are primarily responsible for policy-making, nor shall they serve as paid directors, supervisors, or managers of public enterprises.

The legislative explanation for the preliminary review pointed out that if accountants can provide their professional knowledge and experience by serving as directors or supervisors of public enterprises, as long as their professional practice does not conflict with their concurrent duties, compromise their independence, or violate other accounting professional ethical pronouncements, it can actually contribute to the governance and competitiveness of public enterprises. (Editor: Su Chih-tsung) 1150701

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