In Hong Kong, by law the annual accounts of a limited company must be audited by a Certified Public Accountant. Certified Public Accountants are professionally qualified and duly recognised by law. Their work follows the accounting and auditing standards as promulgated by the Institute of Certified Public Accountants (HKICPA), the only statutory licensing body of accountants in Hong Kong responsible for the regulation of the accountancy profession. They are also bound by the HKICPA ethical standards which emphasize on auditor's independence and his duty to keep clients' information strictly confidential.