Talks with the government on issues related to the regulatory regime for listed entity auditors and reforms pertaining to the Professional Accountants Ordinance are among the key tasks for the Hong Kong Institute of Certified Public Accountants (HKICPA) this year, its new chairperson said.
According to Ivy Cheung Wing-han, the professional body will also follow up on issues related to access rights for audit drafts prepared in mainland China by Hong Kong chartered accountants, review of professional qualification programs, and supportive measures for junior accountants.
The institute will continue to urge the government to separate disciplinary and investigative authorities under the new regime, the Hong Kong Economic Journal cited Cheung as saying.
Better guidelines and clarity should be provided regarding penalties and the appeals mechanism, Cheung said, adding that investors will have to bear the operating costs of the reformed Financial Reporting Council.
In other comments, Cheung, who serves as an audit partner at KPMG, said she will be in touch with the convenor of the Mid-tier Firm Alliance, Raymond Cheng Chung-ching, to ensure better understanding and coordination among large and mid-tier firms on regulatory issues.
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