FRC issues Guidelines for Effective Audit Committee and Report on Assessment of the HKICPA’s Performance of the Specified Functions

16 Dec, 2021

The Financial Reporting Council (FRC) today issues Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors (the Guidelines) and the FRC's second Report on its Assessment of the HKICPA's Performance of the Specified Functions (the Oversight Report).

Dr Kelvin Wong, Chairman of FRC remarked, “In fulfilling our mission to uphold the quality of financial reporting of listed entities so as to enhance protection for investors, the FRC goes further than just effectively discharging our statutory functions. Through our non-statutory Policy and Governance functions, we aim to identify key issues, share insights and make recommendations about the pivotal role of good governance in supporting high quality financial reporting and audits of listed entities."

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