Accountants in Hong Kong and China will benefit through more synchronised work procedures and open practices
THE BENEFITS OF Hong Kong and the mainland's basket of free trade agreements, the Closer Economic Partnership Arrangement (Cepa), often focus on the manufacturing sector. However, under the extended Cepa II agreement, services such as the accountancy profession also stand to benefit.
Danny Po, a PricewaterhouseCoopers partner and Cepa specialist, said the expansion of the cross-border trade and services arrangement would provide new opportunities for those working in Hong Kong's accountancy sector and their mainland counterparts.
One of the principal benefits of Cepa II would include the mutual recognition of Hong Kong and the mainland's professional accountancy qualifications, he said.
There are two different sets of qualifications, accountancy standards and official regulation bodies.
'The complexity of the situation necessitates that we take a step-by-step approach,' Mr Po said.
