Top-grade commercial skyscrapers dot the skyline in Hong Kong's Central district. (PHOTO / PROVIDED TO CHINA DAILY)

HONG KONG - The Financial Reporting Council of the Hong Kong Special Administrative Region on Friday said it noted that China Securities Regulatory Commission and the Ministry of Finance signed an audit oversight cooperation agreement with the US Public Company Accounting Oversight Board.

The Financial Reporting Council said it will render all necessary assistance and make appropriate arrangements within its regulatory remit and powers as stipulated in the Financial Reporting Council Ordinance to support mutual cross-border collaboration

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The FRC said in a statement that it will render all necessary assistance and make appropriate arrangements within its regulatory remit and powers as stipulated in the Financial Reporting Council Ordinance to support mutual cross-border collaboration.

"As the independent auditor regulator of Hong Kong acting in the public interest, FRC has a statutory duty to improve the quality of audit reports of Hong Kong audit firms so as to protect investor interest and help promote public trust in the audit process and investor confidence in Hong Kong and other global capital markets," the FRC said.

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The FRC said it also has a regulatory interest in the conduct of cross-border inspections of its regulatees.