Hong Kong had 25 388 certified public accountants at year-end. Of these, 3 441 were certified public accountants (practising), who are in public practice and may perform statutory audits. There were 1 136 firms of certified public accountants (practising) and 186 corporate practices registered at year-end.

The HKICPA operates a largely self-regulatory framework under the Professional Accountants Ordinance. The institute is vested under the 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 qualifying examinations.

The governance structure of the HKICPA was changed in 2004 to enhance 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 its disciplinary and investigation panels.