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AFRC Issues 2025–26 Annual Report
Themed “Accounting for the Future”, the Report sets out the AFRC’s work in promoting audit and financial reporting excellence, reinforcing Hong Kong’s position as a global financial hub, and supporting the long-term growth and resilience of the accounting profession. ... The Report also outlines the AFRC’s progress in safeguarding financial reporting integrity and audit quality through its robust registration, inspection, and enforcement functions. Ms Janey Lai, Chief Executive Officer of the AFRC, said, “Audit excellence is essential to public trust, financial integrity, and sound corporate governance.
FRC publishes survey of implementation progress by PIE Auditors for new and revised quality management standards
They require more proactive audit quality management at the firm and engagement levels and aim to enhance the effectiveness of the engagement quality control reviews and monitoring and remediation activities performed at the firm level to assure the quality of the audits performed. ... Dr Kelvin Wong, Chairman of the FRC remarked, “The accounting and auditing profession is facing challenges under the current market uncertainties, which might impose further risks to audit quality. ... PIE Auditors’ proactive response to our report findings is crucial to the audit quality in the market as a whole.
AFRC Hosts Landmark Regional Regulatory Forum 2024
This one-and-a-half-day event featured a main forum, an appreciation dinner, and a half-day closed-door regulatory roundtable session attended by representatives from eight jurisdictions, including the two Chairs of the International Forum of Independent Audit Regulators, and Committee of European Auditing Oversight Bodies. ... Mr Ian Stone advocated for ethical management and due diligence, stressing that audit committees should prioritise auditor quality over audit fees. ... The discussion also stressed the importance of collaboration among audit firms, regulators, and professional bodies to develop talent initiatives.
FRC welcomes the Government’s appointment of the Chief Executive Officer and Executive Director of the FRC
A veteran in the accounting profession, Mr Grabowski was the Director of Audit Policy of the Financial Reporting Council of the United Kingdom (UK FRC) whereby he led the development and maintenance of the standards for auditing, assurance and professional ethics for auditors and reporting accountants. Prior to joining the UK FRC in 2010, he was a Partner of an international accounting firm for 20 years, taking up technical, audit and capital markets transaction reporting roles in the UK and overseas.
FRC’s Briefing at LegCo Panel on Financial Affairs on 2021-22 budget
Dr Kelvin Wong, Chairman of the FRC remarked, “In the face of the challenges brought by COVID-19, the FRC has been proactively communicating with the audit profession on major audit risks that the FRC is concerned about. ... Dr Kelvin Wong also briefed Panel Members that the FRC also conducts policy research that contributes to the enhancement of audit quality and corporate governance. A research report in relation to the listed entity audit market in Hong Kong will be published in mid March.
Associate Director / Manager (Oversight and Policy)
Assess and provide recommendations to HKICPA on its development and implementation of auditing, accounting and assurance standards. ... Develop AFRC policy positions on audit quality, and emerging topics including AI in audit, virtual assets and other novel themes. ... Collaborate with fellow regulators, professional bodies, audit firms and international counterparts to share insights and support a resilient, future-ready accounting profession.
Press Releases
Press Releases AFRC issues 2023-24 Annual Report 31 October 2024 Overview of the non-public interest entity audit market 30 October 2024 AFRC Reinforces Commitment to Financial Reporting Integrity in Hong Kong 29 October 2024 AFRC highlights impact of current economic conditions on financial reporting and audit practices 21 October 2024 AFRC welcomes the Chief Executive’s 2024 Policy Address 16 October 2024 AFRC Congratulates Chairman on New Role 14 October 2024
AFRC welcomes appointment of Chairman
Welcoming Dr Sun’s appointment, Dr Wong said, “Dr Sun’s extensive experience and leadership in the accounting and auditing fields will be a tremendous asset to the AFRC. His notable public service, including his role as Director of Audit for the Hong Kong Government from 2012 to 2018, will help elevate the AFRC to new heights." Ms Janey Lai, Chief Executive Officer of the AFRC, said, “I look forward to working closely with Dr Sun to advance our mission of upholding the integrity and quality of audit and financial reporting through a holistic regulatory approach.”