Search

Accounting and Financial Reporting Council

This episode will present a case study, providing various clues for you to follow audit partner Mr. P and his team as they seek to solve the mystery Video AFRC Regional Regulatory Forum 2025 Highlights The RRF 2025 fostered high-level discussions on global issues affecting financial reporting and auditing—such as governance, audit quality, sustainability disclosures and assurance, and AI transformation. ... The AFRC also conducts policy research to enhance financial reporting and audit quality, and issues guidance on governance and related matters where appropriate. ... Inspection Inspections are conducted to monitor and enhance audit quality by assessing firms’ audit practices, quality management systems, and compliance with anti-money laundering and counter-terrorist financing requirements.

Accounting and Financial Reporting Council

This episode will present a case study, providing various clues for you to follow audit partner Mr. P and his team as they seek to solve the mystery Video AFRC Regional Regulatory Forum 2025 Highlights The RRF 2025 fostered high-level discussions on global issues affecting financial reporting and auditing—such as governance, audit quality, sustainability disclosures and assurance, and AI transformation. ... The AFRC also conducts policy research to enhance financial reporting and audit quality, and issues guidance on governance and related matters where appropriate. ... Inspection Inspections are conducted to monitor and enhance audit quality by assessing firms’ audit practices, quality management systems, and compliance with anti-money laundering and counter-terrorist financing requirements.

FRC issues Annual Investigation and Compliance Report and Interim Inspection Report

By sharing this information with the public, we aim to remind directors, audit committees and management of listed entities in Hong Kong and their auditors to the common areas of accounting non-compliance and auditing irregularities or misconduct. ... This should ultimately enhance the quality of financial reporting and audits of listed entities.” ... Our aim is to enable auditors and audit committees to take action ahead of the next audit cycle.”

AFRC sets out its position on documentation of an auditor’s work on “other information” included in the annual report of a listed entity

In doing so, the Auditor copied marks noted in the earlier version indicating audit work performed on the other information to the final version. The AFRC’s position Auditors should ensure that the audit documentation always meets both the requirements and objectives of the HKSAs. ... Including the final version of the other information in the audit documentation enables an external inspector to evaluate whether the auditor had in fact obtained the other information as later published prior to the date of the auditor's report by comparing the version included in the audit documentation with the published version of the other information.

AFRC continues to take robust enforcement actions against registration and independence breaches

The AFRC reiterates that auditors must remain independent of their audit clients to ensure that audit opinions are rendered objectively without bias. ... These contraventions are serious, as the registration framework was designed to ensure accountability, competence and audit quality. When audit work is conducted by individuals who are not properly registered, public confidence on audit quality is compromised. ... Lo was the EQCR in the relevant audit. 4 HKICPA membership number: F07006.

AFRC Hosts Landmark Regional Regulatory Forum 2025

AFRC Hosts Landmark Regional Regulatory Forum 2025 10 November 2025 AFRC Hosts Landmark Regional Regulatory Forum 2025 Accounting For The Future The RRF 2025 fostered high-level discussions on global issues affecting financial reporting and auditing, such as governance, audit quality, sustainability disclosures and assurance, and AI transformation. ... At the same time, as Mr Mohamed Kande emphasised, audit quality cannot be compromised. ... Panel 3 Addressing Audit Quality Challenges for Long-Term Sustainability The panel highlighted that audit quality is a collective effort and a shared responsibility of stakeholders in the financial reporting and auditing ecosystem.

AFRC imposes its first ever permanent non-issuance of practising certificate order and pecuniary penalty of HK$300,000 against Chan Kam Kwan for serious CPA misconduct

Auditors are required to design and perform audit procedures that are appropriate in the circumstances for the purpose of obtaining sufficient appropriate audit evidence. ... Breaches of professional standards on system-wide and audit engagement levels In addition, the AFRC found that Chan, as the sole proprietor and the only audit staff of CKK & Co, had committed other breaches of professional standards on both system-wide and audit engagement levels. ... There was a lack of an adequate and effective quality control system which is fundamental to the audit quality of engagements performed by an audit firm.

AFRC Investigation Report shows auditors’ inadequate response to increasing incidence of fraud in financial statements

Ms Wong continued, “Auditors have a clear responsibility to identify, assess and appropriately address fraud risks during audits of financial statements. The AFRC expects auditors to carry out their audits in strict compliance with relevant auditing standards, be familiar with the types of fraud that are relevant to financial reporting non-compliance and the conditions that may indicate they have occurred, and design audit procedures that are adequate to enable them to address identified fraud risks.” ... The AFRC will continue applying its risk-focused approach to identify and enquire into cases of auditing misconduct and accounting non-compliance.

Search across website resources