ACCA threatens legal action over recognition pact while local body decries microphone diplomacy
The war of words between the professional accounting bodies in Hong Kong and Britain erupted again last night after a month-long ceasefire.
It began with the London-based Association of Chartered Certified Accountants (ACCA) holding a press conference to threaten legal action against the Hong Kong Institute of Certified Public Accountants (HKICPA).
The Hong Kong body countered with a call for an end to the 'microphone diplomacy'.
ACCA chief executive Allen Blewitt said it would lodge a complaint with the British Department for Trade and Industry and the European Commission and request legal action against the HKICPA for 'using its monopoly regulatory power to try to eliminate the ACCA as a competitor in defiance of international trade law'.
An unmoved HKICPA president Roger Best replied: 'We are not worried about the ACCA action as our legal advice confirms that we have done nothing wrong. The ACCA should stop discussing the issue through the media, using microphone diplomacy. The only way to solve the problem is not through a war of words in the media but with sensible discussion.'
The dispute began in July when the HKICPA informed the ACCA that it would not be renewing their mutual recognition agreement, which is due to expire in June next year. Under the agreement, anyone who passes the ACCA examination can apply to become a member of the HKICPA.
