There were some attempts in obtaining external professional legal opinions on behalf of its members (e.g. what constitutes "true and fair") but they are non-binding in court.
Local written interpretations try to cater to the unique situations in Hong Kong such as the problem of the remaining land lease.
Accounting standards were based on the few international firms in the then colony including Lowe, Bingham and Matthews, KPMG, Sanford Yung, etc.
HKSA looked upon the exams from 2 accountancy bodies – the aforementioned ACCA from UK and the ASCPA from Australia.
Both accountancy bodies did not require university degree and so HKSA deemed these as suitable for the Hong Kong admission standards.
This "Practising" title appears to be similar in meaning as a "Registered Auditor" (R.A.) in some countries and is seen to be a form of (and the only) professional speciality.
These peculiar terms appears to be unique in Hong Kong, and has created confusion for the rest of the professions around the world, and even some accountants themselves, as to what AHKSA is.
In November 2008, the Stock Exchange of Hong Kong Limited has removed the requirement for a qualified accountant from the Listing Rules but expanded the Code Provisions in the Code on Corporate Governance Practices regarding internal controls to make specific references to the responsibility of the directors to conduct an annual review of the adequacy of staffing of the financial reporting function and the oversight role of the audit committee.
A functional constituency in the Legislative Council of Hong Kong is elected solely by professional accountants.