The government is taking steps to crack down on unlicensed accountants in the city by updating auditing standards. This move aims to maintain Hong Kong’s position as a global financial hub, according to officials.
Christopher Hui, the Secretary for Financial Services and the Treasury, mentioned that accountants might soon be required to include their practising certificate number when signing audit reports. Additionally, companies may need to provide the practising certificate number of accountants who assisted in signing the audit report, along with their profits tax returns.
Edmund Wong, a lawmaker in the accounting sector, expressed concerns about the current inability of the government to verify the licensing status of accountants who sign reports, as most submissions are in paper form. He highlighted the risks associated with unlicensed individuals signing off on audit reports without proper documentation, which has tarnished the profession’s reputation over the years.
Wong believes that implementing these measures will help safeguard Hong Kong’s reputation as an international financial center. While he acknowledged that the transition may pose challenges initially, he emphasized the long-term benefits of ensuring compliance with licensing requirements.
He noted that by 2030, all profits tax returns will need to be filed electronically, making it easier for the government to collect data, including practising numbers. This digital transformation will streamline the process and enhance regulatory oversight in the accounting industry.
In conclusion, the government’s efforts to tighten regulations on fake accountants are crucial for upholding professional standards and preserving Hong Kong’s status as a leading financial hub. While the transition may require adjustments, the long-term benefits will outweigh any initial inconveniences. By embracing these changes, the accounting sector can enhance its credibility and integrity, ultimately benefiting both practitioners and the broader economy.
