Hong Kong
In Hong Kong, the accountancy industry is regulated by the HKICPA under the Professional Accountants Ordinance (Chapter 50, Laws of Hong Kong). The auditing industry for limited companies is regulated under the Companies Ordinance (Chapter 32, Laws of Hong Kong), and other ordinances such as the securities and futures ordinance, the listing rules, etc.
HKICPA terminated all recognition of oversea bodies in 2005 for accreditation under professional accountants ordinance. In general, all British RQBs except for CIPFA were re-accredited. Please refer to HKICPA for latest recognition.
Removal of requirement for a qualified accountant in the Listing Rules of Hong Kong
In November 2008, the Stock Exchange of Hong Kong Limited has removed the requirement for a qualified accountant from the listing rules but expanded the Code Provisions in the Code on Corporate Governance Practices regarding internal controls to make specific references to the responsibility of the directors to conduct an annual review of the adequacy of staffing of the financial reporting function and the oversight role of the audit committee.
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