 In 1974, the British-based accountancy body with a global presence – Association of Chartered Certified Accountants (ACCA) assisted with setting up the Hong Kong Institute of Certified Public Accountants (formerly named "Hong Kong Society of Accountants") as the local statutory accountancy body in Hong Kong.HKSA looked upon the exams from 2 accountancy bodies – the aforementioned ACCA from UK and the ASCPA from Australia.At that time university education in the Colony was less common than nowadays.