Hong Kong and mainland accounting bodies came one step closer to mutual recognition at the end of July when they agreed to additional measures under the next phase of the Closer Economic Partnership Arrangement (Cepa).
The latest agreement also brings more opportunities for Hong Kong accountants to practice on the mainland and in other jurisdictions worldwide.
For the accounting profession, the signing under Cepa means that Hong Kong certified public accountants need to pass only the mainland tax and law papers of the exam of the Chinese Institute of Certified Public Accountants (CICPA) to become CICPA members. Mainland CPAs need pass only the taxation module and the final exam of the Hong Kong Institute of Certified Public Accountants (HKICPA) qualification programme to become HKICPA members.
Individuals who have qualified as CICPA members are now exempt from HKICPA's financial management, auditing and information management, and financial reporting papers.
The exemptions will make it easier and faster for accountants of both bodies to qualify or become licensed in each other's markets, said Winnie Cheung, HKICPA chief executive and registrar.
'Our qualification now amounts to the world's most portable, which increases the mobility of our members. As well as enjoying access to the mainland, our members can now also easily qualify worldwide because we already have other recognition agreements with many institutes around the world,' she said.