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Exclusive | Hong Kong set to host historic US-China audit meeting but city yet to resolve accounting dispute with Washington
- Hong Kong’s regulator will assist US inspectors when they arrive in the city this month, says Christopher Hui, Secretary for Financial Services and the Treasury
- The audit accord, however, will not solve the mutual recognition of accountants between Hong Kong and the US, which needs separate talks
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Hong Kong is set to host a landmark meeting for auditing officials from the US and China this month to resolve a long-standing accounting dispute, but the historic summit is unlikely to resolve all issues.
Inspectors from the US Public Company Accounting Oversight Board (PCAOB) will arrive in the city in mid-September to examine the auditing work of select US-listed mainland Chinese companies after regulators from both sides signed an agreement last Friday.
The audit agreement, however, does not imply that the issue between Hong Kong and the US over the mutual recognition of accountants will be resolved, said Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury.
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“The mutual recognition pact is more about professional qualification, which has nothing to do with the audit accord,” Hui said in an exclusive interview with the Post.
Accountants said separate talks would be needed to resolve the mutual recognition agreement, which expires in December.
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