4
Financial and Monetary Affairs
distributes dividends to creditors. The OR also prosecutes insolvency-related offences under the Bankruptcy Ordinance and the Companies (Winding Up and Miscellaneous Provisions) Ordinance, applies for disqualification orders against unfit company directors of wound-up companies, and monitors the conduct of outside liquidators and trustees, and the liquidation monies.
Statistics on Bankruptcy Orders, Interim Orders in Individual Voluntary Arrangements (IVAs) and Winding-up Orders
Bankruptcy Orders
Interim Orders in IVAS
Winding-up Orders
2013
2014
2015
9,371
9,674
9,750
817
798
588
274
271
305
Professional Accountancy
The Hong Kong Institute of Certified Public Accountants (HKICPA), established under the Professional Accountants Ordinance, performs a wide range of functions, such as registering certified public accountants (CPAs); carrying out practice reviews and regulating the professional conduct and standards of members; setting and maintaining financial reporting, auditing and ethical standards for the profession; and conducting training programmes and qualifying examinations.
Statistics on CPAs, CPA firms and corporate practices
Total number of CPAs
Number of practising CPAs
Number of practising CPA firms
Number of corporate practices
2013
2014
2015
36,094
38,426
39,201
4,166
4,353
4,428
1,246
1,275
1,267
427
467
491
The Hong Kong Financial Reporting Standards, issued by the HKICPA, apply the International Financial Reporting Standards. This is beneficial to Hong Kong because international investors and financial analysts are well acquainted with these standards.
The Financial Reporting Council (FRC), a statutory body established under the Financial Reporting Council Ordinance, is responsible for investigating Hong Kong listed entities' non- compliance with accounting standards as well as their auditors' auditing and reporting irregularities. The FRC reviews financial reports based on a risk-based approach and screens modified auditor's reports of financial statements of entities listed in the city.
Statistics on FRC's work
2013
2014
2015
Number of modified auditors' reports screened
168
171
174
Number of financial reports reviewed under
53
34
42
risk-based approach
Number of investigations completed
Number of enquiries completed
52
4
9
1
A Process Review Panel reviews the FRC's handling of cases to ensure its actions and decisions comply consistently with established procedures.
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