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AFRC announces appointment of new Honorary Advisers
Mr Peter Kan’s career in audit and financial services spans across the UK, Hong Kong and Mainland China, where he served as an audit partner in the Beijing office of KPMG China. With extensive experience in delivering audit services to both PRC and international companies, Mr Kan brings a wealth of expertise in cross-border financial practices.
AFRC issues its 2022-23 Annual Report
The Report gives a detailed account of our progress and accomplishments in upholding audit quality and quality of financial reporting as well as promoting the sustainable development of the accounting profession. ... These include combating market misconduct, influencing the mindset and behaviour of our regulatees and educating the market of good practices in relation to audit, financial reporting and corporate governance.”
Financial Reporting Council publishes consultation conclusions on Proposed Sanctions Guidelines
During the Consultation, the FRC had arranged 15 meetings with different stakeholders including audit firms that audit listed entities in Hong Kong and professional bodies to explain in details our proposed Sanction Guidelines and clarify on issues of concerns.
AFRC welcomes the Chief Executive’s 2023 Policy Address
Ms Janey Lai, Acting CEO of the AFRC said, “The anticipated increase in the market activities such as IPOs and stock market transactions arising from the Government’s initiatives needs to be underpinned by effective regulatory policies that uphold audit quality and the quality of financial reporting. To this end, the AFRC will ensure that our policies are conducive to enhancing audit quality and garnering public trust and confidence in financial reporting and the integrity of the financial market.”
AFRC 2024 Oversight Report identifies improvement areas for the HKICPA to support the development of the accounting profession
This, in turn, contributes to the overarching goal of enhancing financial reporting and auditing quality and sustaining Hong Kong's global financial competitiveness. Overview of Findings and Recommendations The five oversight findings in 2024 are as follows: High non-compliance rate in continuing professional development ( CPD ) compliance audits; A lack of robust handling and review mechanism of feedback received on CPD training; Compliance with the regulatory order is not considered in the fit and proper assessment of certified public accountant ( CPA ) registration; Gaps in authorised employer and authorised supervisor assessment; and A lack of process for ensuring the quality of CPD courses prior to the event and that the courses meet the identified learning objectives. ... Ms Janey Lai, CEO of the AFRC, concluded, “The 2024 Oversight Report provides useful reference to CPAs, audit firms, and other industry stakeholders to understand the industry developments and upskill their expertise, and raise the trust and credibility of the profession.
Discipline Committee
Prior to his retirement in June 2014, Peter served as an audit partner in the Beijing office of KPMG China, bringing extensive expertise in delivering audit services for both PRC and international companies. ... With decades of experience in Chinese Mainland and Hong Kong, her background includes auditing, talent development and business transformation. ... During his illustrious career at Deloitte China, Mr Lip held senior leadership roles, including Audit Managing Partner, Chief Quality and Ethics Officer, and Reputation and Risk Managing Partner.
AFRC expects active cooperation and full compliance by PIE auditors with the AFRC Ordinance and their self-reporting of critical incidents in a timely manner
AFRC expects active cooperation and full compliance by PIE auditors with the AFRC Ordinance and their self-reporting of critical incidents in a timely manner 7 December 2023 The Accounting and Financial Reporting Council ( AFRC ) reiterates, as the independent regulator of the accounting profession in Hong Kong, that it expects all PIE auditors and registered responsible persons to fully comply with the Accounting and Financial Reporting Council Ordinance ( AFRCO ) and report to the AFRC in a timely manner any critical incidents in relation to audit quality and the firms’ systems of quality management. ... By so doing, the AFRC ensures financial reporting and audit quality and the integrity of those involved, thereby promoting investor confidence, protecting the public interest and safeguarding Hong Kong’s position as a leading international financial centre.
Oversight
These actions would allow the AFRC to achieve the ultimate objectives of enhancing the quality of financial reporting and audit in Hong Kong, upholding Hong Kong’s position as a competitive international financial centre, and fulfilling our statutory duty of promoting the healthy development of the accounting profession. Scope of Oversight We oversee the performance of the HKICPA of the following functions ( Specified Functions ): Ascertaining whether persons are qualified for registration as certified public accountants by conducting examinations and acting in such other manner as may be necessary, and dealing with applications and other matters relating to be registration of certified public accountants; Arranging with accountancy bodies in places outside Hong Kong for the mutual or reciprocal recognition of accountants; Setting continuing professional development requirements for certified public accountants; Issuing or specifying standards on professional ethics, and accounting, auditing and assurance practices, for certified public accountants; and Providing training for qualifying for registration as, and the continuing professional development of, certified public accountants.