Hong Kong, US Auditors End Reciprocity Deal – SCMP

Hong Kong and US professional accountants will no longer recognise each other’s audit work because of a dispute over qualifications, the South China Morning Post reported, citing a statement by the Hong Kong Institute of Certified Public Accountants.

The mutual recognition agreement with the US International Qualifications Appraisal Board was signed in 2011 and renewed in 2020, but will expire on December 31. The dispute over experience is unrelated to the US-China wrangle over audited financial statements.