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We perform our functions fairly, impartially and consistently, free from interference by the auditing profession and listed entities, and from political pressure. ... Career Opportunities Inspection Manager Inspection Manager (IT Audit) Investigation and Compliance Associate Director / Manager Investigation and Compliance Administrator Discipline Manager Policy, Registration and Oversight Associate Director / Manager (Oversight and Policy) Policy, Registration and Oversight Associate Director / Manager (Registration) Policy, Registration and Oversight Associate Director / Manager (Policy Research and Development) Finance and Administration Manager (IT Infrastructure)
Press Releases
Press Releases AFRC issues its first Report on the Analysis of the PIE Audit Market in Hong Kong 27 March 2024 AFRC welcomes the Government’s support for a funding injection 25 March 2024 AFRC welcomes the passage of the Safeguarding National Security Bill 20 March 2024 AFRC reprimands Chan Steven Kwok Keung and Sino Corp CPA Limited and imposes pecuniary penalties totalling HK$100,000 for CPA misconduct 12 March 2024 AFRC welcomes the Government’s 2024-25 Budget 28 February 2024 Cross-Agency Steering Group launches revamped website for sustainable finance 21 February 2024
Press Releases
Press Releases FRC publishes articles with IFEC to educate retail investors 17 December 2021 FRC concludes that a listed entity failed to recognise an impairment loss on equity investments and its auditor failed to identify the misstatements 17 December 2021 FRC issues Guidelines for Effective Audit Committee and Report on Assessment of the HKICPA’s Performance of the Specified Functions 16 December 2021 FRC completes an investigation relating to an auditor’s failure to obtain necessary evidence to conclude that an associate was not impaired 14 December 2021 FRC launches new Whistleblowing Policy 1 December 2021 FRC and ICAC joint operation against suspected misconduct and bribery 22 November 2021
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
The AFRC found that CL Partners authorised Lee and Chan to act as its engagement partner in 14 PIE engagements in 2022 and 2023 respectively when the two individuals were not registered in such capacity with the AFRC, and each of them acted as engagement partner in seven of those audit engagements without the required registration, in serious contravention of the registration requirements under the AFRCO. ... Among other things: The Regulatees’ multiple contraventions constituted serious misconduct. Audits of 14 PIE engagements were conducted by engagement partners without the required registration. Further, CL Partners still conducted various PIE audit engagements when it had no registered engagement partner and registered quality control system responsible person at all.
Press Releases
Press Releases FRC welcomes the Government’s 2022-23 Budget 23 February 2022 FRC establishes Sustainability and Climate Task Force 21 February 2022 Resignation of Executive Director, Deputy CEO and Head of Oversight, Policy and Governance 21 February 2022 FRC finds that an auditor failed to identify a material misstatement and to express an appropriate audit opinion 18 February 2022 FRC finds that an auditor failed to obtain the necessary evidence to support the measurement and recognition of a gain on extinguishment of a financial liability 30 December 2021 FRC finds that auditor failed to appropriately address an identified misstatement and to appropriately exercise professional judgement in determining overall materiality 23 December 2021
FRC Welcomes the Appointments to Financial Reporting Review Panel
Dr Kelvin Wong, Chairman of the FRC, remarked, “In recent months, we have witnessed an avalanche of local and global unusual accounting and auditing incidents. Incidents including resignations of auditors, rows between listed entities and their auditors and accounting fraud remind us of the importance of early detection of possible non-compliance with accounting requirements in financial reports of listed entities and its effectiveness as a safeguard to public interest. ... Charged with upholding the quality of financial reporting and auditing, the FRC will stay vigilant and critically review the filtering criteria of our Programme according to the deteriorating business environment.”
SFC and FRC to enhance collaboration
The enhanced collaboration between the SFC and the FRC under the new MoU, which includes case referrals, joint investigations, mutual assistance, capacity building and the exchange and use of information, will increase the overall effectiveness of both regulators in ensuring the quality of financial reporting by listed entities and the audit quality of listed entity auditors. ... “By working closely with the FRC to maintain the integrity of our capital market and promote good corporate governance, we can expect to see improvements in the audit quality of listed companies in the years to come.”
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