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The Foundation’s Origin
In the early 1980s, the branch offices of Chase Manhattan Bank (US) and other foreign banks in Taiwan incurred bad debts from loans granted based upon the unqualified opinions of audit reports issued by local certified public accountants (CPAs). As a result, the audit quality of practicing CPAs in Taiwan was considered inconsistent, and it was suggested that the Ministry of Finance expedite improvement measures. The Finance Minister at the time, Mr. Li–De Siu was very concerned and convened several meetings with the chairmen of National Federation of CPA Association, Taiwan CPA Association, and Taipei CPA Association, which resolved to establish an accounting research and development foundation. The goal of this foundation was to enhance our nation’s accounting and auditing standards through the stipulation of financial accounting standards and auditing standards by a fair and independent institute, and to aggressively promote accounting educational training. At the end of 1983, the Ministry of Finance convened a meeting to “plan an overall enhancement of the accountants’ system” and formed a funding team with nine members. In February 1984, Taiwan CPA Association and Taipei CPA Association convened a joint member meeting and during which, the board chairmen asked for the members’ support to raise a fund. Subsequently, this fund received the sponsorship and support of various industrial and commercial associations and enterprises. In April of the same year, the inaugural meeting of the Accounting Research and Development Foundation of the Republic of China took place, during which, the board directors were selected. Later, the first meeting of the board of directors was held and the standing directors were also elected, and they in turn, selected Mr. Pei-Ying Bai as the board chairman and engaged one of the standing directors, Mr. Pao-Kuei Chu, as secretary general. In May, the Foundation applied to the Taipei District Court of Taiwan for registration of juridical association as the Accounting Research and Development Foundation of the Republic of China. In June 1984, the Foundation received its certificate of registration as a juridical association and thus, the Foundation was officially established.
Each term of the Foundation’s board director is three years. From the first term until the seventh term, every chairman was always the Deputy Minister of Ministry of Finance. In October 2004, the twelfth meeting of board directors and the seventeenth meeting of standing directors for the seventh term were held. Due to a change in the authority-in-charge of the Foundation from the jurisdiction of the Ministry of Finance to that of the Financial Supervisory Commission under the Executive Yuan, the board chairman, Deputy Finance Minister, Mr. Shu Chen, requested permission to resign. There was a consensus among all of the board directors and standing directors that the Foundation’s fair and independent image would be further reflected if the new chairman was selected from the academic sector. Consequently, the then Foundation’s standing director and FASC’s chairman, Prof. Rong-Ruey Duh, who was the professor of Accounting Department at the National Taiwan University, was selected by all. Having a scholar’s relentless devotion, Prof. Duh assumed responsibility for the difficult tasks ahead and became the board chairman. In April 2005, at the end of the seventh term of the Foundation’s board directors, Prof. Duh was re-elected as the Foundation’s Chairman of the Board of Directors for the eighth term.
In April 2008, Prof. Duh was again re-elected as the Chairman of the Board of Directors for the ninth term until his resignation in August 2008. He was then succeeded by Prof. Fujiing Shiue of the National Taipei University. In March 2009, Prof. Fujiing Shiue resigned, and he was then succeeded by Mr. Tang-Chieh Wu.
In March 2011, Mr. Tang-Chieh Wu was again re-elected as the Chairman of the Board of Directors for the tenth term.