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Strategic Priorities 2025-2027
These priorities are aligned with our mission to protect the public interest by maintaining high standards in auditing and financial reporting, thereby fostering trust in Hong Kong's capital markets and the accounting profession.
FRC and The Exchange to strengthen collaboration
Mr Calvin Tai, HKEX Co-President and Chief Operating Officer, said: “Audit, along with financial reporting, plays a critical role in driving good corporate governance within listed companies. The signing of this new MoU signals our closer cooperation between the Exchange and the FRC, and underscores our commitment to ensure the quality of financial reporting and audits of listed companies, helping to reinforce Hong Kong’s status as an international financial centre.”
AFRC’s Briefing at LegCo Panel on Financial Affairs on 2023-24 budget
In 2022, the AFRC organised 50 stakeholder engagement activities in the Consultation for the further reform, which were with 6,000 accounting and auditing professionals. It has also conducted 55 PIE engagement inspections, 6 non-PIE engagement inspections and 26 firm-wide quality control inspections. The AFRC also conducted policy research that contributes to the enhancement of audit quality and corporate governance.
Guidance Materials
Guidance Materials Policy and Governance Registration Inspection Investigation and Compliance Discipline Policy and Governance Registration Inspection Investigation and Compliance Discipline Policy and Governance Guidance Notes on Change of Auditors Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors Embracing an AI-empowered Future for the Accounting Profession Registration Guide for the Registration of PIE Auditors Guide for the Issuance of Practising Certificates Guide for the Registration of Firm Names and Firms Guide for the Registration of Corporate Practices Guide for the Recognition of PIE Auditors Policy Statement for the Issuance of Practising Certificates Policy Statement for the Registration of Firm Names and Firms Policy Statement for the Registration of Corporate Practices Policy Statement for the Registration of PIE Auditors Policy Statement for the Recognition of Overseas Auditors Inspection Guideline on Notification of Change in Auditor Appointment* Outline of the AFRC’s Inspection Process for PIE Auditors Outline of the AFRC’s Inspection Process for Practice Units that are not PIE Auditors Policy Statement for Inspection of PIE Auditors with respect to PIE Engagements Policy Statement for Inspection of Practice Units with respect to compliance with AntiMoney Laundering and CounterTerrorist Financing Requirements Policy Statement for Inspection of Practice Units with respect to engagements other than PIE Engagements Investigation and Compliance Investigation Policy Statement for PIE Auditors, Non-PIE Auditors and Registered Responsible Persons Investigation Policy Statement for Professional Persons Investigation Policy Statement (in relation to audits or the preparation of specified reports completed for listed entities before 1 October 2019) Enquiry Policy Statement for Listed Entities Discipline Outline of the AFRC’s Disciplinary Process Guidance Note on Cooperation with the AFRC Discipline Policy Statement for PIE Auditors and Registered Responsible Persons Discipline Policy Statement for Professional Persons Sanctions Policy for PIE Auditors and Registered Responsible Persons Sanctions Policy for Professional Persons Guidelines for Exercising the Power to Impose a Pecuniary Penalty for PIE Auditors and Registered Responsible Persons* Guidelines for Exercising the Power to Impose a Pecuniary Penalty for Professional Persons* Guidelines published in the Gazette pursuant to sections 13 and/or 37H of the Accounting and Financial Reporting Council Ordinance (Cap. 588) are marked with an asterisk (*).
Press Releases
Press Releases Completed investigation 7 February 2020 Completed enquiry and investigations 7 February 2020 The Financial Reporting Council e-newsletter (February 2020) issue gives insights and advice to the audit profession amidst challenging financial and socio-economic situations 6 February 2020 Completed investigation 4 February 2020 FRC Welcomes the Government’s Appointment of Executive Director to the Board of the FRC 6 December 2019 FRC and the HKICPA signed a Statement of Protocol on Oversight Arrangements 27 September 2019
Policy and Oversight
Policy and Oversight Overview The AFRC conducts policy research that is conducive to enhancing the quality of financial reporting and auditing, and publishes guidance on governance and other issues where appropriate.
AFRC urges CPAs (Practising), CPA Firms and Corporate Practices to renew registrations by 15 December 2022
This includes holding any appointment or rendering any services, whether paid or unpaid, as an auditor of a company under the Companies Ordinance (Cap. 622) or as an auditor of accounts for the purposes of any other ordinance (“ statutory audits ”). It is also an offence under section 20AAZZM of the AFRCO for any person who is not a CPA (practising) to sign an audit report.
Court of Appeal dismisses applications of Chiang Sham Lam Anthony and Anthony S. L. Chiang & Co. for leave to appeal and stay of execution
The AFRC found that, from 1999 to 2021, Chiang and ASLC & Co audited the financial statements of five private companies whilst Chiang himself, or his family members, held various roles, including director and company secretary, and had direct financial interests, in those companies over various periods. ... Auditor independence is the cornerstone of audit quality, and the AFRC will continue to take decisive action to uphold the integrity of the profession.”