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Driving quality improvement – Setting the right tone at the top for performing an effective root cause analysis and remediation
Chairpersons and Managing Partners, to prioritise the following actions: Set the right tone at the top, emphasising audit quality and continuous improvement to ensure audit quality is always upheld; Adopt a proactive approach to address the identified deficiencies in their firms’ systems of quality management with concrete plans of remedial action; and Allocate sufficient and appropriate resources to the RCA and remediation process. ... Audit firms of all sizes can develop effective RCA and remediation processes when dedicated to learning and growth. ... Chairpersons and Managing Partners, as influential leaders, should unwaveringly focus on enhancing audit quality – audit quality must not be compromised under any circumstances.
Policy and Governance
Policy and Governance Overview The AFRC conducts policy research that is conducive to enhancing financial reporting and audit quality. Our aim is to promote the healthy development of the accounting profession by encouraging positive changes in the market. We start by researching policy issues related to financial and sustainability reporting, auditing, and corporate governance, and translating the findings into practical guidance. ... Find out more about our work: Publications [Audit Uncovered] Videos
Press Releases
Press Releases FRC Investigates Victory City Financial Statements and Deloitte Audit 19 March 2021 FRC issues Overview of the Market for Listed Entity Audits in Hong Kong 11 March 2021 FRC’s Briefing at LegCo Panel on Financial Affairs on 2021-22 budget 1 March 2021 SFC and FRC to enhance collaboration 25 February 2021 FRC Welcomes Government's Budget 24 February 2021 FRC Initiates Investigation into Audits of Convoy for 2017 to 2019 23 February 2021
Financial Reporting Council publishes Guideline on notification of changes in auditor appointments
The FRC consulted with a cross-section of firms in Hong Kong and Mainland China, which audit PIEs and are subject to inspection, to explain the requirements and receive comments on them. ... Inspection is a critical part of the FRCs remit to monitor and improve audit quality. Receiving timely information directly from PIE auditors enhances our ability to determine the frequency and subject of inspections and to understand and consider the implications for audit quality, if any, of changes in appointment across the market for listed entity audits.”
Press Releases
Press Releases New Memorandum of Understanding to strengthen collaboration between the HKMA and the AFRC 17 August 2023 Audit Focus - Importance of effective audit planning 31 July 2023 SFC and AFRC join forces to combat misconduct by listed issuers 13 July 2023 AFRC 2022 Annual Inspection Report provides transparency about audit quality and holds firms accountable for their performance 11 July 2023 AFRC welcomes the new appointment and reappointments to the Financial Reporting Review Panel and expresses heartfelt gratitude to retiring members 7 July 2023 AFRC issues its 2022-23 Annual Report 23 June 2023
Press Releases
Press Releases AFRC publishes global audit regulation study, reinforcing dedication to world‑class standards 7 November 2025 AFRC announces appointment of new Honorary Advisers 22 October 2025 AFRC reprimands PricewaterhouseCoopers and two others for multiple audit deficiencies and imposes fines totalling HK$1.6 million 16 October 2025 AFRC to Organise Regional Regulatory Forum in Hong Kong for the Accounting and Auditing Profession 14 October 2025 AFRC acknowledges the contributions of retiring Non-Executive Directors (NEDs) and welcomes the Government's appointment and reappointment of NEDs 26 September 2025 AFRC supports the Chief Executive’s 2025 Policy Address 17 September 2025
Press Releases
Press Releases AFRC’s Response to PricewaterhouseCoopers Whistle-blower Allegations 10 July 2024 AFRC analyses trading suspensions of listed entities due to delays in preliminary annual results announcements and calls for continued efforts to uphold high-quality audits and financial reporting 5 July 2024 AFRC reminds PIE auditors to be prepared for undertaking PIE engagements 28 June 2024 AFRC emphasises the importance of leadership setting the right tone at the top 27 June 2024 AFRC calls for concerted efforts to improve the quality of financial reporting and audit in Hong Kong 13 June 2024 AFRC reminds auditors of the importance of audit documentation integrity 29 May 2024
Financial Reporting Council publishes its 2018 Annual Report
It gives an overview on major findings of the investigations and enquiries completed during the year which serves to remind PIE auditors and listed companies of the auditing and reporting irregularities and non-compliance with accounting requirements that they should take heed of in order to achieve quality financial reporting. ... Delivered 9 presentations on the Bill to all 46 audit firms that audited listed Corporations/companies: Enhanced stakeholder engagement by updating the media, the academic community, accountancy professional bodies and other regulatory bodies about the development of the Bill, resulting in better understanding of our future roles, and extensive media coverage of the FRC. ... Met with international regulators such as International Forum of Independent Audit Regulators (IFIAR) and The International Auditing and Assurance Standards Board to discuss the latest international auditing practice and standards, and foster collaboration.