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Financial and Monetary Affairs

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

2012

2013

2014

8,178

9,371

9,674

778

817

798

312

274

271

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

Total number of CPAs

Number of practising CPAs

Number of practising CPA firms

2012

2013

2014

34,423

36,094

38,426

4,012

4,166

4,353

1,228

1,246

1,275

392

427

467

Number of corporate practices

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 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

2012

2013

2014

Number of complaints received

19

20

33

Number of modified auditors' reports screened

138

168

171

Number of financial reports reviewed under

69

53

34

risk-based approach

Number of investigations initiated

Number of investigations completed

Number of enquiries initiated

Number of enquiries completed

3

1

a am —

9

9

75

22

4

1

2

1

79