Showing 137 - 144 of 274 results
Press Releases
Press Releases The importance of regulatory synergy in upholding financial reporting and audit quality 28 August 2024 Regulatory Collaboration Enhances Effectiveness in Audit Regulation 2 August 2024 AFRC welcomes the appointments to the Advisory Committee of the Accounting and Financial Reporting Council and expresses heartfelt gratitude to retiring member 26 July 2024 AFRC expects full compliance by auditors with relevant laws and regulations 16 July 2024 AFRC welcomes new appointments and reappointments to the Financial Reporting Review Panel and expresses heartfelt gratitude to retiring members 12 July 2024 2023 Annual Inspection Report emphasises the pivotal roles of the firm’s leadership in upholding audit quality and reinforces the importance of continuous learning as a key driver of improvement 11 July 2024
Speeches and Presentations
Speeches and Presentations AFRC Chairman Dr Kelvin Wong’s presentation at ACCA HK Annual Conference 2023 9 September 2023 Presentation on 2023 Annual Investigation and Compliance Report 4 September 2023 Chairman Dr Kelvin Wong’s opening speech at Enterprise Asia Linchpin of Asia Awards 2023 28 July 2023 A webinar delivered to members of the Chartered Institute of Management Accountants (CIMA) relating to Guidelines on selecting auditors and setting audit fees 13 July 2023 A webinar delivered to members of the Hong Kong Institute of Directors (HKIoD) relating to Guidelines on selecting auditors and setting audit fees 11 July 2023 Presentation on a webinar delivered to members of the Association of Chartered Certified Accountants (ACCA) relating to Guidelines on selecting auditors and setting audit fees 4 July 2023
FRC signs Memorandum of Understanding with HKICPA
The HKICPA is responsible for dealing with applications for registration of Hong Kong PIE auditors, as well as setting continuing professional development requirements and auditing and ethical standards for PIE auditors, under the oversight of the FRC. ... The FRC and the HKICPA share a common goal in improving audit quality and the standards of professional conduct of PIE auditors and of the accountancy profession in general. ... The HKICPA has long advocated audit quality and this MoU will contribute to the continuing development of the Hong Kong audit market.
AFRC issues 2022 Interim Inspection Report and Report on Oversight of HKICPA regulatory functions
It also sets out our expectations of the respective duty of PIE auditors, directors and audit committees in upholding audit quality ahead of the imminent busy audit season. PIE auditors are urged to make use of our findings and expectations in the Report to better plan and perform the upcoming year-end audits and strengthen their policies and procedures to improve audit quality. ... Dr Kelvin Wong, Chairman of the AFRC concluded, “The quality of the accounting profession, the quality of audit and the quality of financial reporting are intertwined in the financial reporting ecosystem.
Speeches and Presentations
Speeches and Presentations CEO Ms Janey Lai's Keynote Speech at CHKLC x HKIRA Investor Day 2026 (Chinese Only) 27 May 2026 CEO Ms Janey Lai's Opening Remarks at SCAA's "Enhanced Inspections and Regulatory Expectations on Audit Quality" Seminar (Chinese Only) 22 May 2026 With audit fees at less than 0.03% of market capitalisation, the AFRC warns that fee suppression puts market confidence at risk. (Chinese version only) 21 May 2026 Chairman and CEO's opinion piece: Getting an audit wrong can have profound consequences for credibility 30 April 2026 Chairman Dr David Sun’s remarks at LegCo Panel on Financial Affairs on 2026-27 budget (Chinese version only) 2 March 2026 Chairman Dr David Sun’s opening remarks at VTC’s Accountancy Forum 2026 (Chinese version only) 30 January 2026
Speeches and Presentations
Speeches and Presentations CEO Ms Janey Lai's Keynote Speech at CHKLC x HKIRA Investor Day 2026 (Chinese Only) 27 May 2026 CEO Ms Janey Lai's Opening Remarks at SCAA's "Enhanced Inspections and Regulatory Expectations on Audit Quality" Seminar (Chinese Only) 22 May 2026 With audit fees at less than 0.03% of market capitalisation, the AFRC warns that fee suppression puts market confidence at risk. (Chinese version only) 21 May 2026 Chairman and CEO's opinion piece: Getting an audit wrong can have profound consequences for credibility 30 April 2026 Chairman Dr David Sun’s remarks at LegCo Panel on Financial Affairs on 2026-27 budget (Chinese version only) 2 March 2026 Chairman Dr David Sun’s opening remarks at VTC’s Accountancy Forum 2026 (Chinese version only) 30 January 2026
FRC Welcomes the Gazettal of the Commencement Notice of Financial Reporting Council (Amendment) Ordinance 2019
The new regime will not only enhance investor protection and strengthen investor confidence in corporate reporting and audit quality, it will also further strengthen Hong Kong’s reputation as a competitive international financial centre. The transformation into the new era would not have been possible without the staunch support from the HKSAR Government, Members of the Legislative Council and the audit profession. The FRC is well-prepared to embrace the new opportunities and challenges ahead.” ... We are also preparing our application for membership of the International Forum of Independent Audit Regulators whose members from around the world share their regulatory experience and inspection findings in order to enhance audit quality globally. ” For details of the Commencement Notice of the Financial Reporting Council Ordinance, please visit: https://www.gld.gov.hk/egazette/pdf/20192320/es22019232080.pdf For press release about the Commencement Notice, please visit: https://www.info.gov.hk/gia/general/201905/17/P2019051600615.htm?
AFRC issues 2022 Annual Investigation and Compliance Report
We urge auditors to pay attention to these key findings and observations and take actions to address them so as to improve audit quality. The board and management of listed entities and audit committees should seriously consider our findings and recommendations to ensure that high-quality financial reporting is upheld.” ... The AFRC identified the following most common areas of auditing irregularities: i) deficient engagement quality control review in respect of significant judgments made and conclusions reached by the engagement team (87%); ii) failing to obtain sufficient appropriate audit evidence on which to base the audit opinion (80%); iii) lack of professional skepticism and appropriate professional judgment (68%); and iv) insufficient evaluation of the reasonableness of complex accounting estimates (47%) and the adequacy of work performed by the auditor’s expert (23%). ... This is one of the many ways that the AFRC creates positive ripple impacts in upholding the quality of financial reporting and audits, based on which public confidence in the integrity of the financial market is enhanced.”