Both institutes have already signed a 'Heads Of Terms' accord, which is expected to lead to formal agreement on co-operation intended to foster closer working relations between both professional bodies.

Hong Kong accountants who qualify will have access to the same range of advice and support given to existing members as well as binding them to the high ethical standards expected of institute members.

Commenting on the agreement, the ICAEW's chief executive Eric Anstee said: 'This is a very exciting opportunity for the ICAEW. The increasing globalisation of the profession makes it a strategic imperative that we forge international partnerships and exchange best practice.

Winnie Cheung, CEO and registrar of the HKSA, said: 'The HKSA's goal is to produce the world's best accountants. We want to continue to lead the region by maintaining and expanding our geographic reach whilst following the highest world standards in training and governance.'