The (then) China Auditing Standards Board and the Hong Kong Institute of CPAs had previously signed a joint declaration on the convergence of auditing standards on 6 December 2007 (see our earlier story). Since the time of signing the original declaration, the International Auditing and Assurance Standards Board (IAASB) has issued new standards arising from its clarification project. The Hong Kong Institute of CPAs issued equivalent standards in June 2010 and the Chinese Institute of CPAs completed a revision of China Auditing Standards in November 2010.

The Institutes believe the only difference between the Hong Kong and mainland standards is an additional standard included in the revised China Auditing Standards about communication between predecessor and successor auditors. This reflects specific requirements and circumstances in mainland and does not conflict with the clarified Hong Kong Auditing Standards.

Click for press release (link to HKICPA website).