It emerged at the weekend that the Hong Kong Society of Accountants (HKSA) has agreed to contribute towards the funding of a new independent investigations board, meaning that another obstacle to the Hong Kong government's controversial accounting reform plans has been removed.
Announcing the decision, HKSA president Roger Best revealed that the 39 accounting firms in the territory which act as auditors for listed firms will be obliged to contribute, but that other accounting firms in the jurisdiction would not.
"We are aware that a number of those firms, including the 'big four' have indicated that they are reasonably disposed to the principle that the firms that audit listed companies pay towards the cost of the HKSA's contributions. I consider the proposed cost of $2 million to $2.5 million to be reasonable," he announced.
Under government proposals, the estimated $8 million to $10 million operating cost for the board will be equally shared by Hong Kong Exchanges and Clearing (HKEx), the Securities and Futures Commission (SFC), the HKSA, and the Company Registry Trading Fund.
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