ENG-2017 — Page 122

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Financial and Monetary Affairs

When acting as the trustee-in-bankruptcy or liquidator, the Official Receiver or a private-sector insolvency practitioner investigates the affairs of the bankrupt or wound-up company, realises assets and distributes dividends to creditors. The Official Receiver also prosecutes insolvency- related offences under the Bankruptcy Ordinance and 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

2015

2016

2017

9,750

8,919

7,627

588

501

529

305

325

296

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

Total number of CPAs

Number of practising CPAs

Number of practising CPA firms

Number of corporate practices

2015

2016

2017

39,201

40,806

42,237

4,428

4,598

4,735

1,267

1,284

1,292

491

524

555

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 also reviews the financial statements of listed entities regularly.

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