Surplus of opportunities for CPAs
As economies across the Asia region continue to grow, the demand for specialist skills such as accounting is rising in a number of industries.
The mainland will continue to be the largest potential market for accounting companies to develop their businesses. It is expected to continue its economic and social transformation, which will provide a host of business opportunities for the Hong Kong side of the industry.
This has been further aided by the Hong Kong stock exchange which, in 2010, revised its listing rules to permit enterprises incorporated in Hong Kong, but listed in the mainland, to perform audits using only Hong Kong CPAs (certified public accountants). It also allowed them to adopt Hong Kong or international accounting standards instead of mainland ones.
Young accountants nowadays generally lack concrete knowledge of business operations in the mainland. If they want a long-term career in the industry, they are advised to enhance their understanding of the mainland’s taxation laws and business regulations.
Jonathan Ng, acting executive director, Hong Kong Institute of CPAs
As told to Chiu Po-sze