Accountant law passed

LEGISLATION sent back by President Tassos Papadopoulos to parliament to be modified in line with EU laws was passed yesterday without any changes being made. Apart from United Democrats deputy, Androula Vasiliou, who abstained, the remaining deputies rejected the president’s call to change the law on licensing for accountants and voted to implement it as it was.

The issue revolved around an amendment passed on September 19 which would allow the licensing of individuals to audit companies, even if they do not possess the accounting and professional qualifications required by the EU. According to EU sources, The European Commission had warned the government through a letter to the Commerce Minister that the amendment was infringing a 1984 European directive on company law. The sources indicated the issue was “of considerable concern” to the Commission.

President Papadopoulos sent the legislation back to parliament to be changed along with a detailed and explanatory letter, supported by the Attorney-general’s office. However, yesterday the House voted in favour of passing the law as it was, to the relief of 50 independent accountants who had gathered at the House to hear whether they would be affected by a change in the law.

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