Equivalence of CPA professional ethics code between Mainland and Hong Kong has been achieved

CICPA and HKICPA have endorsed the joint statement of CPA Professional ethic code equivalence between Mainland and Hong Kong in Beijing at 7^th Nov.2011.

Mr Li Yong, Deputy Minister of Finance and President of CICPA, and Mr Tsai Yongzhong, President of HKICPA has attended and spoke in the signing ceremony. Chen Yugui, Deputy President and secretary general of CICPA, and Zhang Zhiyuan, Chief Executive Officer, has signed this statement as the representatives respectively.

Mr Li Yong said this equivalence is an important step for long term cooperation and steady development between Mainland and Hong Kong public accountant industry, also in favour of promoting moral standards and boost equivalence recognition of audit supervision.

Mr Tsai Yongzhong, Chairman of the Hong Kong Institute of Certified Public Accountants (HKICPA), said that equating Mainland and HK professional code of ethics and converging the code to international accountants' professional code of ethics can strengthen investor's confidence toward China's capital and commercial markets. This equivalency agreement is the extension of earlier equivalence of Mainland and HK accounting and auditing standards. Currently the capital markets are undergoing globalisation. This move is especially important with the trend of core capital's eastward moving. The joint statement symbolises that the two parties are making efforts on maintaining high-quality international professional code of ethics.

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