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Financial and Monetary Affairs
Statistics on Bankruptcy Orders, Interim Orders in Individual Voluntary Arrangements (IVAs) and Winding-up Orders
Bankruptcy Orders
Interim Orders in IVAS
Winding-up Orders
2014
2015
2016
9,674
9,750
8,919
798
588
501
271
305
325
Professional Accountancy
The Hong Kong Institute of Certified Public Accountants, established under the Professional Accountants Ordinance, registers certified public accountants (CPAs); carries out practice reviews and regulates the professional conduct and standards of members; sets and maintains financial reporting, auditing and ethical standards for the profession; and conducts training and qualifying examinations.
Statistics on CPAs, CPA firms and corporate practices
2014
2015
2016
Total number of CPAs
38,426
39,201
40,806
Number of practising CPAs
4,353
4,428
4,598
Number of practising CPA firms
1,275
1,267
1,284
Number of corporate practices
467
491
524
The institute issues the Hong Kong Financial Reporting Standards, which 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, investigates Hong Kong-listed entities' non-compliance with accounting standards as well as their auditors' auditing and reporting irregularities. The council reviews financial reports using a risk-based approach and screens modified auditor's reports of financial statements of entities listed in the city.
Statistics on FRC's work
Number of modified auditors' reports
2014
2015
2016
171
174
178
screened
Number of financial reports reviewed under
34
42
43
risk-based approach
Number of investigations completed's
4
9
11
Number of enquiries completed16
1
1
15
16
The FRC is empowered under the Financial Reporting Council Ordinance to conduct independent investigations into possible auditing and reporting irregularities in relation to listed entities.
The FRC is also empowered under the ordinance to conduct independent enquiries into possible non-compliance with accounting requirements on the part of listed entities.
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