Hong Kong’s government has announced a bill to boost oversight of auditors of listed companies after a string of incidents last year in which some saw their share prices fall as much as 94 per cent in a single day.
Secretary for financial services James Lau said in a statement that the bill would make Hong Kong’s Financial Reporting Council independent from the audit profession to provide better protection to investors.
“This is crucial to strengthening Hong Kong’s status as an international financial centre and capital market,” Mr Lau said, adding that the reforms would bring Hong Kong in line with international standards and practices and make it eligible to join the International Forum of Independent Audit Regulators.
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