The Hong Kong Institute of Certified Public Accountants (“Institute”) is the only body authorised by law to register certified public accountants in Hong Kong. As at the end of December 2023, the Institute has
around 48,100 members and over 12,700 registered students. Members of the Institute are entitled to use the designation “certified public accountant” or “CPA”. The Institute, formerly known as the Hong Kong Society of Accountants, was established under the Professional Accountants Ordinance, on 1 January 1973. Its responsibilities include assuring the quality of entry into the accounting profession in Hong Kong, through its postgraduate qualification programme, and promulgating financial reporting, auditing and ethical standards.
The Institute supports the development of the profession, including promoting efficient accounting practices, while serving the public interest, to help safeguard Hong Kong’s standing as an international financial centre. It is also designated as the authority for issuing guidelines for the accounting profession in Hong Kong, under the Anti- Money Laundering and Counter-Terrorist Financing Ordinance.

As from 1 October 2022, the Accounting and Financial Reporting Council (“AFRC”) took over the Institute’s responsibilities for the registration of audit practitioners and practices, including the issue of practising certificates, and its regulatory functions in to relation to CPAs generally,
were transferred to the Accounting and Financial Reporting Council (“AFRC”). The Institute continues to issue professional standards and guidance and to administer training and professional development for the accounting profession in Hong Kong, under the oversight of the AFRC.

The Restructuring and Insolvency Faculty (“RIF”), set up by the Institute in April 2008, is the main body of insolvency and restructuring professionals in Hong Kong and its views are frequently sought on matters relating to the development of insolvency law and practice in Hong Kong, and in relation to facilitating cross-border insolvency work. The RIF Executive Committee (“RIFEC”), which is responsible for the management of the RIF, comprises 16 members, with up to 75% of the seats filled by election from amongst the RIF membership. The remaining seats are filled through appointment by the Institute’s Council, or co-option by the RIFEC.

The RIF supports the professional development of insolvency practitioners, organising regular seminars, webinars and other events. Its work also includes representation and advocacy, and liaison with the government and regulators, on behalf of the insolvency profession, as well as issuing good practice guidance and other publications. In addition, the RIF supports other Institute initiatives, including more extensive insolvency training courses and an insolvency specialist designation.

The RIF forms the basis of the Institute’s membership of INSOL International and its membership is open to Institute members, lawyers, holders of other relevant professional memberships and/or qualifications, practitioners with suitable experience, and other persons with a relevant interest in the insolvency field. There are around 470 RIF members as at the end of December 2023.