 In 2005, the HKICPA adopted almost all the most current accounting and auditing standards from the IFAC and its associated standard setting bodies with the additions of a few local written interpretations of these principal based accounting and auditing standards.Local written interpretations try to cater to the unique situations in Hong Kong such as the problem of the remaining land lease.Prior to the formation of HKICPA in 1972 (or formerly known as HKSA before 2004 September), the auditing industry was loosely regulated.