in 2012, cpab released a review it conducted of work done by canadian audit firms with chinese clients. it found flaws in 12 of the 24 companies examined, and barred one auditor from doing such work until it upgraded its procedures. this was significant, as, in 2011, 56 companies from china and other parts of asia were listed on the tsx or tsx venture exchange, many getting their listings through reverse takeovers of dormant shell corporations, and sino-forest corporation had collapsed in mid-year after irregularities were found in its financial results. in 2014, the board reported that it was still experiencing difficulties in being able to review foreign operations of some canadian-based companies.