The Hong Kong Institute of Certified Public Accountants (HKICPA), formerly the Hong Kong Society of Accountants, is the single statutory licensing body for accountants in the Hong Kong Special Administration Region.
CPAs can become HKICPA members if they fulfil the terms of the mutual recognition agreement between the two bodies. This agreement was signed on 24 June 2005 and became effective on 1 July 2005.
HKICPA is responsible for: registering accountants and issuing HKICPA practising certificates, regulating the professional conduct and standards of members, and setting codes of ethics and standards of accounting and auditing.
They are also responsible for overseeing the educational standard of academic institutions teaching accounting courses and promoting the accountancy profession both in Hong Kong and overseas.
The requirements which must be met before a HKICPA practising certificate may be issued include that the applicant must:
be a member, or in the process of applying to become a member of, the HKICPA
meet a minimum professional work experience requirement
have gained this experience whilst in the employ of an appropriate employer
have a substantial proportion of the approved accounting experience in auditing
have gained at least one year of such experience in Hong Kong within three years prior to the date of the application for a HKICPA practising certificate
have passed (where applicable) examinations in Hong Kong local law and taxation.
A practising certificate shall not be issued to applicants unless they satisfy the HKICPA council that they ordinarily resident in Hong Kong.
The Hong Kong Institute of Chartered Secretaries and the Institute of Financial Planners of Hong Kong also recognise the CPA Australia designation for their entry requirements.
The Securities and Futures Commission (SFC) only recognises the HKICPA qualification for its requirements.
The SFC encompasses nine types of regulated activities: dealing in securities, dealing in futures contracts, leveraged foreign exchange trading, advising on securities, advising on futures contracts, advising on corporate finance, providing automated trading services, securities margin financing and asset management.
