Oversight

Pursuant to the Accounting and Financial Reporting Council Ordinance (AFRCO), the AFRC oversees the performance of the Hong Kong Institute of Certified Public Accountants (HKICPA) of the following functions (Specified Functions):

ascertaining whether persons are qualified for registration as certified public accountants by conducting examinations and acting in such other manner as may be necessary, and dealing with applications and other matters relating to be registration of certified public accountants;
arranging with accountancy bodies in places outside Hong Kong for the mutual or reciprocal recognition of accountants;
setting continuing professional development requirements for certified public accountants;
issuing or specifying standards on professional ethics, and accounting, auditing and assurance practices, for certified public accountants; and
providing training for qualifying for registration as, and the continuing professional development of, certified public accountants.

Pursuant to the AFRCO, for performing the above oversight functions, the AFRC may:

request the HKICPA to provide information and periodic reports on the HKICPA’s performance of a Specified Function;
conduct assessment on the HKICPA’s performance of a Specified Function; and
if satisfied that it is in the public interest to do so, give written directions to the HKICPA on the performance of a Specified Function with which the HKICPA must comply.

To facilitate the AFRC in discharging its statutory oversight duty effectively as the independent regulator of the accounting profession in Hong Kong, the AFRC signed a Statement of Protocol on Oversight Arrangements with the HKICPA.

For more information, please refer to the AFRC’s assessment reports of the HKICPA’s Performance of the Specified Functions.

Quick Links

Statement of Protocol on Oversight Arrangements

The AFRC's assessment reports of the HKICPA's performance of the specified functions

Policy and Oversight

Oversight