The Hong Kong Institute of Certified Public Accountants (“Institute”) is the only body authorised by law to register and grant practising certificates to certified public accountants in Hong Kong. The Institute has more than 46,000 members and over 18,000 registered students. Members of the Institute are entitled to use the designation “certified public accountant” or “CPA”. The Hong Kong Society of Accountants, as the Institute was previously known, was established under the Professional Accountants Ordinance, on 1 January 1973. It was renamed the Hong Kong Institute of Certified Public Accountants as part of a modernisation and rebranding exercise in 2004. The Institute supports the development of the profession while serving the public interest. It has wide-ranging responsibilities, including 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 has responsibility for regulating and promoting efficient accounting practices in Hong Kong to help safeguard Hong Kong’s standing as an international financial centre. In March 2018, it was also designated as the statutory regulatory body for the accounting profession in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.

The Restructuring and Insolvency Faculty (“RIF”) was set up by the Institute in April 2008. The RIF 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. The RIF Executive Committee (“RIFEC”) is responsible for the management of the RIF. It comprises 16 members, with up to 75% of the seats filled by election of Institute members and non-members from amongst the RIF membership, and the remaining seats 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 in-depth insolvency training courses and an insolvency specialist designation.

The RIF forms the basis of the Institute’s membership of INSOL International. Membership of the RIF 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. At the end of September 2020, the RIF membership stood at around 460.