The Hong Kong Institute of Certified Public Accountants is the only statutory body for Hong Kong that sets financial reporting standards, auditing and assurance Standards, and professional ethical standards for accountants. In doing so, HKICPA engages with various stakeholder groups to understand their views, concerns and needs, and at the same time forms its own views to ensure high quality standards are developed. HKICPA also develops best practice statements and thought leadership materials to contribute to the enhancement of wider corporate reporting and practices.