Showing 169 - 176 of 274 results
AFRC reprimands and imposes pecuniary penalty of HK$80,000 against CCTH CPA Limited for delay in fulfilling a requirement issued by the AFRC
These corrective actions were designed to ensure CCTH’s compliance with fundamental auditing standards, including evaluating whether the information provided by listed companies is sufficiently reliable, which are key to quality audits. ... Inspections by the AFRC play a key role in monitoring and improving the quality of audits, and contribute to the protection of the interests of investors and the wider public. ... The AFRC’s inspection function plays a pivotal role in monitoring and upholding audit quality. An inspection focuses on how a regulatee conducted its audit engagements and on the effectiveness of its quality control system to determine whether the applicable professional standards and legal and regulatory requirements have been complied with.
Press Releases
Press Releases AFRC suspends Tang Yue Nam for 18 months and imposes a fine of HK$200,000 for blatant disregard of two statutory requirements issued by the AFRC 20 January 2026 AFRC reprimands and fines Rongcheng (Hong Kong) CPA Limited, Lee Wai Chi and Chan Kin Wai over HK$1.18 million for contraventions of registration and notification requirements under the AFRCO 6 January 2026 AFRC Proposes Mandatory Sustainability Assurance to Strengthen Hong Kong’s Role as a Leading Green Finance Hub 29 December 2025 AFRC reprimands BOFA CPA Limited for improperly backdating audit working papers and imposes a pecuniary penalty 16 December 2025 AFRC reprimands MnO CPA Limited and its two directors for audit deficiencies and imposes fines of HK$600,000 20 November 2025 AFRC Concludes Successful First Day of the Regional Regulatory Forum 2025, Fostering Dialogue on Accounting's Future 10 November 2025
Press Releases
Press Releases AFRC Congratulates Mr Eugene Fung SC on New Role 12 September 2025 AFRC reprimands Prism Hong Kong Limited, Kyaw Sai Hong and Yam Wai Man for conducting PIE engagements without the required registrations and imposes pecuniary penalties totalling HK$353,500 11 September 2025 AFRC reprimands and fines Deloitte and two engagement partners over HK$1.9 million for multiple audit deficiencies in relation to two companies formerly listed in Hong Kong 28 August 2025 AFRC reprimands BDO Limited and two others for breaches of multiple auditing standards, imposes fines totalling HK$455,000 and gives directions for additional CPD 21 August 2025 AFRC concludes 2024-25 oversight of HKICPA’s specified functions and recommends improvement for professional training and development 20 August 2025 AFRRT dismisses the out-of-time review application of Lam Kin Choi and stresses the importance of complying with statutory deadlines 8 August 2025
FRC Welcomes the Passage of Financial Reporting Council (Amendment) Bill 2018
The FRC will also be overseeing the performance of the Hong Kong Institute of Certified Public Accountants of their functions for registration; standards in professional ethics, auditing and assurance; and continuing professional development requirements in relation to auditors of listed entities. ... The passage of the Bill will also enable the FRC to become a member 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.
FRC and the HKICPA signed a Statement of Protocol on Oversight Arrangements
Under the Amendment Ordinance, the FRC is vested with direct powers of inspection, investigation, discipline concerning auditors of Public Interest Entities (PIE) and recognition of overseas PIE auditors, and powers of oversight of the performance of the HKICPA in relation to registration of, setting of continuing professional development (CPD) requirements, and setting of standards on professional ethics, auditing and assurance for registered PIE auditors. ... Under the Statement of Protocol, the FRC will have access to information in relation to the HKICPA’s performance of the registration of PIE auditors, matters concerning the setting of CPD requirements for PIE auditors and the setting of standards on professional ethics, auditing and assurance for registered PIE auditors. ... Charged with the oversight responsibility, the FRC looks forward to working closely and effectively with the HKICPA so as to improve the quality and competence of the PIE auditors and the competitiveness of the entire audit profession in the long run.
FRC joins IOSCO as an affiliate member
It is also a founding member of the Monitoring Group, a group of regulatory and international organisations committed to advancing the public interest in areas related to international audit standard-setting and audit quality. ... “Joining IOSCO will enable the FRC to benefit from the sharing of global experience in securities regulation among IOSCO members and contribute to IOSCO’s important work in relation to financial reporting and auditing.” Dr Kelvin Wong, Chairman of the FRC, said, “As the independent auditor regulator of Hong Kong, one of the leading capital markets in the world, the FRC recognises the importance of the global regulatory partners working closely together for the benefit of investors both globally and locally.
Non-Hong Kong PIE Auditor
The auditor may carry out any PIE engagements for a corporation incorporated in Chinese Mainland and listed in Hong Kong and must carry them out in accordance with the China Accounting Standards for Business Enterprises or the Mainland Auditing Standards. However, if there is a change in full name, business address, telephone number and/or electronic mail address of a recognized PIE auditor in Chinese Mainland, the auditor must, within 14 days after the day on which the change takes place, inform the AFRC of the change. See below for the latest updates on recognised Chinese Mainland PIE auditors AFRC Recognises Two Additional Chinese Mainland Audit Firms for H-share Audits.
AFRC Concludes Successful First Day of the Regional Regulatory Forum 2025, Fostering Dialogue on Accounting's Future
The Forum brought together over 400 distinguished guests, including senior government and law enforcement officials, local and international financial regulators, global firm and audit and industry leaders, and academics. This year’s Forum, themed “Accounting for the Future,” examined evolving developments in financial reporting and auditing and their impact on the wider financial ecosystem. Panel discussions on corporate governance and culture, audit quality, artificial intelligence, and sustainability assurance underscored the need of the profession to be purposeful, progressive, and resilient amid changing regulatory, environmental, and technological landscapes, so as to secure the long-term integrity and competitiveness of capital markets.