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Speeches and Presentations
Speeches and Presentations Chairman Dr Kelvin Wong’s presentation at the 3rd Greater Bay Area Youth Forum 25 May 2019 Chairman's remark at Signing Ceremony of MOU on Cooperation in Audit Regulation between Supervision and Evaluation Bureau of Ministry of Finance and Financial Reporting Council (Chinese Version Only) 21 May 2019
AFRC suspends Lam Kin Choi for 2 years and fines him HK$300,000 for flagrant disregard of two statutory requirements in relation to inspections of two practice units
The following (non-exhaustive) excuses will generally not constitute reasonable excuses for failing to comply with such a requirement: (i) a busy schedule; (ii) the period of time lapsed since last inspection; and (iii) subcontracting of audit work to another certified public accountant. ... Such failures to cooperate are a very serious matter, as they prevented the AFRC from exercising its regulatory function of inspecting Lam’s practice units, thereby hampering its ability to monitor and uphold audit quality. To reflect the seriousness of Lam’s two counts of misconduct, the AFRC imposed the following sanctions against Lam: (i) public reprimand; (ii) pecuniary penalty of HK$300,000; 4 (iii) suspension of his HKICPA registration for two years; (iv) cancellation of his practising certificate; (v) two-year non-issuance of practising certificate order; and (vi) order for investigation costs and expenses of HK$50,214. ... The accounting profession is reminded to adopt an attitude of compliance and cooperation in order to facilitate the AFRC’s discharge of its regulatory duties to uphold audit quality, protect the public interest, and to promote public trust towards the quality of the accounting profession under the independent regulatory regime.”
FAQs - Non-Hong Kong PIE Auditor
The purpose of section 20ZF(2)(b)(i) is to ensure that the overseas auditor concerned is a qualified auditor recognized by the accountancy body in the home jurisdiction to practise audit. In the event that the overseas auditor is an audit firm / corporation and it is not a member of the accountancy body in the home jurisdiction, the eligibility criterion under section 20ZF(2)(b)(i) would normally be considered as having been fulfilled if a majority of the partners/directors of the audit firm/corporation are members of the accountancy body in the home jurisdiction that is a member of the IFAC.
AFRC announces appointment of new Honorary Advisers
With over 35 years of audit and assurance experience, he was a member of the Financial Reporting Review Panel (FRRP) between July 2018 and July 2024. ... His expertise includes regulatory compliance, cybersecurity, cross-border data management, IT Audit, and IT management. Mr Yuen is actively engaged in industry research, contributing to studies on Hong Kong's development as an international cross-border data center. ... He is currently a Senior Adviser at Information Systems Audit and Control Association (ISACA) and a member of CPA Australia.
AFRC’s follow-up survey on the implementation progress of the new and revised quality management standards
We urge those auditors who are lagging behind schedule to take swift actions to ensure the timely implementation of the SoQM such that audit quality would not be compromised.” ... By publishing upto-date surveys in relation to the latest accounting and auditing standards, we caution the profession of the ‘dos and don’ts’ necessary in upholding the quality of audit and financial reporting.
Discipline
Discipline Overview The AFRC takes appropriate and timely disciplinary actions in cases of misconduct by imposing commensurate sanctions for the purposes of deterrence, investor protection, maintaining market confidence in the quality of financial reporting and audits, and upholding the standards of conduct among regulatees. ... Highlights Press Releases AFRC imposes HK$300 million fine and six-month practice limitation on PwC and HK$10 million in fines on its two former registered responsible persons over the Evergrande Audits The AFRC has sanctioned PwC and two of its former partners and registered responsible persons, Mr Cheung Siu Cheong and Mr Chow Sai Keung, for misconduct in connection with PwC’s audits of the consolidated financial statements of: (i) China Evergrande Group (in liquidation) (previous stock code: 03333, delisted) and its subsidiaries for the years ended 31 December 2019 and 2020; (ii) Evergrande Property Services Group Limited (stock code: 06666) and its subsidiaries for the year ended 31 December 2020; and (iii) China Evergrande New Energy Vehicle Group Limited (stock code: 00708) and its subsidiaries for the year ended 31 December 2020.
Hong Kong Police Force signs MoU with FRC to enhance collaboration in upholding integrity and fairness of financial market
Hong Kong Police Force signs MoU with FRC to enhance collaboration in upholding integrity and fairness of financial market 16 September 2022 The Hong Kong Police Force ( HKPF ) and the Financial Reporting Council ( FRC ) today (September 16) entered into a Memorandum of Understanding ( MoU ) enabling full collaboration and co-operation in the performance of their respective duties in combating commercial crime and illicit activities in relation to financial reporting and audit quality in Hong Kong. ... Speaking at the MoU signing ceremony, the Deputy Commissioner of Police (Operations), Mr Yuen Yuk-kin, said, “Upholding the highest standard in financial reporting and audit quality of listed companies are crucial in safeguarding the integrity and fairness of the capital market and business operations in Hong Kong.
Associate Director / Manager (Registration)
Policy, Registration and Oversight Associate Director / Manager (Registration) Responsibilities Evaluate and process applications for the issuance and renewal of practising certificates for certified public accountants ( CPA ), and for the registration of audit firms, corporate practices and Public Interest Entity ( PIE ) auditors. ... Collaborate with fellow regulators, professional bodies, audit firms and international counterparts to share insights and support a resilient, future-ready accounting profession.