An agreement has been signed amid much fanfare between Guangdong, Hong Kong and Macau that will boost the opportunities for accountants to do more cross-border work. The details remain vague, but it appears this is about market access.
The key question that remains to be answered is whether Hong Kong and Macau-based auditors of offshore companies listed in the United States will be able to do due diligence on the accounts of these companies’ related entities on the mainland. That seems unlikely for the near future, although central government sources have said they are working on improving mainland accounting disclosures. Hong Kong regulators have been able to access mainland accounts of some companies listed in Hong Kong since late last year, and it has been hoped, since then, that further progress will be made. Soon.