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SCMP Reporter

CHINA expects more than 1,000 overseas applicants to take the Certified Public Accountant (CPA) examination this year, more than double the number last year.

   Last year, 482 applications for the examination were received from foreign nationals.

   China first opened the test to foreigners after the CPA law became effective at the beginning of last year.

   Only 88 people passed the examination, 12 of whom were from Hong Kong.

   The official China Daily quoted Chinese Institute of Certified Public Accountants (CICPA) deputy-director Ding Pingzhun as saying Hong Kong accountants were particularly interested in the examination.

  He said this was a result of the increasing interdependence of mainland and Hong Kong business.

  The candidates were said to be mainly from Hong Kong and Taiwan, with some from Singapore, Japan and the United States.

  Mr Ding said the qualification would allow overseas residents to conduct auditing and asset valuation in China and sign final verification reports.

   Qualified candidates would still have to live in China for more than a year and work for a Chinese accounting firm before they could work as CPAs, he said.

  Registration for this year's examination began on March 1. It closes on April 15.

   It is to be held over September 15, 16 and 17, and includes five subjects: accounting, auditing, financial management, economic law and tax law.

   The CICPA is to open training courses for overseas accountants.

  Foreign CPA firms moved into China in the early 1980s, but without a Chinese CPA qualification, overseas accountants could only provide consulting services or do business in co-operation with Chinese partners.

  China has allowed eight international accountancy firms to set up joint ventures with domestic CPA firms.

  However, the government has stopped approving joint ventures and is encouraging the establishment of member firms on the mainland.

  Mr Ding said China would allow international accounting groups to choose more than one Chinese CPA firm in becoming members.

  Only the Shenzhen Zhonghua CPA office has officially been approved, joining Horwath International as a member.



Foreign CPA candidates to double