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Why scores in "CG Watch 2007" were lower ■ Methodology became more rigorous "The more we looked, the less we found" Varying degrees of regulator, issuer and investor complacency in booming markets. "The job is done, we now just need to refine the rules" Political paralysis (eg, Korea) or upheaval (eg, Thailand) ■ Accounting + auditing standards & practices lagged international norms more than expected (in many markets) ACGA Presentation HKCCA, May 6, 2009 5 ACGA

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