Hong Kong had 22 839 certified public accountants at year-end. Of these, 3 367 were certified public accountants (practising), who are in public practice and entitled to perform statutory audits. There were 1 108 firms of certified public accountants (practising) and 164 corporate practices registered at year-end.

Pursuant to the Professional Accountants (Amendment) Ordinance 2004, enacted by the Legislative Council in July 2004, the Hong Kong Society of Accountants was renamed the Hong Kong Institute of Certified Public Accountants in September 2004. The HKICPA is vested under the Professional Accountants Ordinance with a wide range of responsibilities, such as registering certified public accountants; maintaining financial reporting, auditing and ethical standards for the profession; and conducting training programmes and examinations to qualify certified public accountants.

In addition, the Professional Accountants (Amendment) Ordinance 2004 has, among other things, reformed the governance structure of the HKICPA, thereby enhancing the transparency and independence of the regulation of the profession. Under the new structure, the Chief Executive is empowered to appoint four lay members to the Council of the HKICPA, and at least 18 lay members each to the Disciplinary Panel and Investigation Panel of the HKICPA. Together with the proposal to establish the FRC, the regulatory regime for the accountancy profession will be strengthened to safeguard the public interest.