HKICPA was established in 1973 under the Professional Accountants Ordinance (PA Ordinance) and is a membership organization for professional accountants. The HKICPA is responsible for organizing the CPA examinations; registering CPAs; accounting, sustainability, auditing, and ethics standard-setting; and establishing CPD requirements, all under the oversight of the the Accounting and Financial Reporting Council (AFRC). In addition to being an IFAC Member, HKICPA is a member of the Global Accounting Alliance.