<p class="MsoNormal" style="margin: 0in 0in 0pt; mso-pagination: none; mso-layout-grid-align: none;"><span style="font-family: Times New Roman; font-size: small;">In this article the results of a Benchmarking study sponsored by the Hong Kong Society for Accountants, Financial Management Committee are reported.<span style="mso-spacerun: yes;">&nbsp; </span>The study, in the form of a survey, was sent to 633 listed Hong Kong firms.<span style="mso-spacerun: yes;">&nbsp; </span>Sixty-seven firms responded to the survey crossing six different industries and a variety of capitalization levels.<span style="mso-spacerun: yes;">&nbsp; </span>The survey consisted of thirty-two questions that addressed seven areas of interest related to the accounting and finance functions within the firms.<span style="mso-spacerun: yes;">&nbsp; </span>The results provide benchmarks by which firms can compare their operations to those of other similar firms.<span style="mso-spacerun: yes;">&nbsp; </span>Firms can identify strengths, weaknesses and best practices and utilize the information to make changes in their organizations.<span style="mso-spacerun: yes;">&nbsp; </span>By doing so, firms may be able to achieve improved competitiveness and increased profitability.</span></p>

No abstract