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Financial and Monetary Affairs
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); 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 in Hong Kong
Number of CPA
Of which: CPA (Practising)
Number of firms of CPA (Practising)
Number of corporate practices
2011
2012
2013
32,636
34,423
36,094
3,851
4,012
4,166
1,214
1,228
1,246
365
392
427
The Hong Kong Financial Reporting Standards, issued by the HKICPA, apply the International Financial Reporting Standards (IFRS). This is beneficial to Hong Kong because international investors and financial analysts are well acquainted with the IFRS.
The Financial Reporting Council (FRC), a statutory body established under the Financial Reporting Council Ordinance, is responsible for investigating Hong Kong fisted companies' 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 Hong Kong.
Statistics on FRC's Work
2011
2012
2013
Number of complaints received
7
19
20
Number of modified auditors' reports screened
131
138
168
Number of financial reports reviewed under
70
75
75
risk-based approach
Number of investigations initiated
Number of investigations completed
Number of enquiries initiated
Number of enquiries completed
10 5 ~ ~
2
am-
6
9
7
5
9
5
1
3
1
2
A Process Review Panel reviews the FRC's handling of cases to ensure its actions and decisions comply consistently with established procedures.
Monetary Policy
Hong Kong's monetary policy objective is currency stability, defined as a stable external exchange value of the currency of Hong Kong, in terms of its exchange rate in the foreign
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