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Financial Reporting Review Panel
He was a partner in the Professional Practice Department of Ernst & Young Hong Kong, where his role included overseeing the firm’s audit quality. He is currently Chairman of the Audit and Assurance Standards Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA), and has also previously served on various committees and panels of regulatory bodies in Hong Kong. ... 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. ... In 2020, she was appointed Head of Audit & Assurance Quality Management at BDO Hong Kong, fulfilling both roles until her retirement in March 2025.
Consultations and Studies
Consultation on the Proposed Regulatory Framework for Sustainability Assurance in Hong Kong 30 December 2025 Consultation Conclusions in relation to FRC’s / AFRC’s Disciplinary Process and Sanctions Approach 23 June 2022 Engagement and Consultation on FRC’s / AFRC’s Regulatory Regime (English version only) 9 March 2022 Consultation Paper in relation to FRC’s / AFRC’s Disciplinary Process and Sanctions Approach 9 March 2022 Comparative Study on Audit Oversight Functions 5 June 2017 Consultation paper: Proposal to improve the regulatory regime for listed entity auditors 30 June 2014
FRC launches new Whistleblowing Policy
The FRC has a dedicated Whistleblowing webpage with a form for submission of Whistleblower reports about potential wrongdoing or misconduct in financial reporting or audits of listed entities. Mr Marek Grabowski, CEO of FRC said, “Whistleblowers are typically individuals with an insider’s view of listed entities or their auditors.
AFRC welcomes the Government’s appointment of the Chief Executive Officer and Executive Director of the AFRC
Wellversed with the development needs of the sector at the same time, Ms Lai is committed to promoting the accounting and audit quality in Hong Kong while supporting the development of the profession.
Investigation and Compliance Committee
With decades of experience in Chinese Mainland and Hong Kong, her background includes auditing, talent development and business transformation. ... She was a member of the Auditing & Assurance Standards Committee of the Hong Kong Institute of Certified Public Accountants, a member of Board of Review (Inland Revenue Ordinance, Hong Kong), and a Specialist of Hong Kong Council for Accreditation of Academic & Vocational Qualifications (HKCAAVQ). ... 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.
Financial Statements Review Programme
Throughout the review, the AFRC will also consider whether there is non-compliance with financial reporting standards, auditing and assurance standards, and other relevant financial reporting guidelines (such as accounting requirements under the Listing Rules of the Stock Exchange of Hong Kong Limited and disclosure requirements under the Hong Kong Companies Ordinance).
AFRC Welcomes Process Review Panel Report 2024-25
Their recommendations will continue to support our efforts to uphold the high standards of audit quality and market integrity in Hong Kong," she said.
Complaints
Practice units registered with the AFRC (practice units) (shown in the AFRC’s registers of certified public accountants (Practising) (CPAs (Practising)), CPA firms/corporate practices , and registered PIE auditors ) Overseas auditors recognized by the AFRC to perform a public interest entity engagement ( recognized PIE auditors ) shown in the AFRC’s register CPAs registered with the Hong Kong Institute of Certified Public Accountants shown in the HKICPA Membership List Possible misconduct Examples of misconduct include: audit deficiency non-compliance with a professional standard, such as standard on professional ethics, accounting standard, auditing standard falsification of a document incorrect statement made in respect of a document negligence in the conduct of the person’s profession Hong Kong listed entities Non-compliance with accounting standards or other requirements (e.g.