Reported cases on unlicensed CPA increased by 7 times the Hong Kong police form a special unit to handle these cases.
Flexkin suggests client to avoid engaging unlicensed CPA/accounting firms. Annual audits should be handled by practicing CPAs. Otherwise, you need to face the risk of incorrect financial statements or lost of accounting records which will have a profound effect in future.

Please refer to the following article which highlighted the importance of qualified and quality accounting work, especially given Hong Kong’s reputation as an international financial centre.

http://www.hkicpa.org.hk/file/media/section8_communications/media_centre/pdf-rc/2012/hkej-bogus.pdf