Hong Kong had 26 070 certified public accountants at year-end. Of these, 3 558 were certified public accountants (practising), who are in public practice and may perform statutory audits. There were 1 152 firms of certified public accountants (practising) and 207 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.

When the FRC becomes fully operational in 2007, the FRC will take over from the HKICPA with respect to investigation of cases concerning audit irregularities and accounting non-compliances relating to listed companies. Subsequent to an investigation, the FRC may, in accordance with the Financial Reporting Council Ordinance, refer investigation results to the HKICPA for disciplinary action or to other agencies (e.g. ICAC, Police, Department of Justice, SFC) for follow-up action. This arrangement introduces proper checks and balances in respect of the different roles of 'investigator', 'prosecutor' and 'disciplinary committee'.