FRC will assume the following regulatory functions from the Hong Kong Institute of Certified Public Accountant (“HKICPA”) in respect of the accounting profession in Hong Kong

i. issuance of practising certificates to certified public accountants (CPAs);
ii. registration and inspection of practice units;

iii. investigation and discipline of all CPAs, certified public accountants (practising) and practice units; and

iv. overseeing the remaining statutory functions of the HKICPA:

a)    setting of requirements for and provision of continuing professional development;
b)    setting of standards of professional ethics, and setting of accounting and auditing standards; and
c)    registration of CPAs including conducting qualifying examinations for CPAs and mutual and reciprocal recognition of accountants with overseas accountancy bodies

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