A group of chief financial officers of several listed companies has established the Hong Kong Business Accountants Association (HKBAA), which aims to promote better collaboration and communication with mainland regulatory authorities and corporations, the Hong Kong Economic Journal reported on Tuesday.
The group, which will represent non-practicing accountants working for listed companies, is opposing a plan to shift oversight of the auditing industry from Hong Kong Institute of Certified Public Accountants to the Financial Reporting Council, will it says will add financial burden to listed companies, Wilson Fung Ying-wai, founding chairman and Jardine Matheson Ltd. group financial controller, told HKEJ.
In a consultation paper in June, the government has suggested that a third of the funding for the council be shouldered by listed companies.
Under such a proposal, listed companies will end up paying double for auditing work, the Chamber of Hong Kong Listed Companies said.
Other founding members of the HKBAA include Sun Hung Kai Properties Ltd. (00016.HK) executive director and chief financial officer Patrick Chan, Bank of East Asia Ltd. (00023.HK) deputy chief executive and chief investment officer Samson Li Kai-cheong and MTR Corp. Ltd. (00066.HK) finance director Stephen Law Cheuk-kin.
The organization, although supported by Chinese firms, is politically neutral, Fung said.
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