Certified Public Accountants in Hong Kong and the U.S. will now be able to cross borders and obtain licenses in each other's juristications without going through the entire qualification process.
The Hong Kong Institute of CPAs have signed a mutual recognition agreement whereby its accounting qualification will be recognised in the United States and the American qualificaiton woll be recognized in the Hong Kong, giving accountants in both jurisdictions additional mobility.
"The bodies in the U.S. that recognized overseas accreditation are stringent in their criteria for recognition. The fact that our graduates can now qualify in the United States says a lot about the dept and breadth of the Hong Kong programme," says Philip Tsai, president of the Institute.
The agreement with the U.S. is a significant piece of HKICPA's strategy to make Hong Kong CPAs recognized in all the world's important capital markets.
"Now, our members can be assigned to work anywhere from New York to Toronto to London and have their qualification recognized," says Winnie Cheung, chief executive of the institute.
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