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Financial Reporting Council welcomes the 2019 Annual Report of the Process Review Panel

The PRP completed the review of six selected cases in the 11[th] review cycle (i.e. from January to December 2018) covering cases related to possible auditing and reporting irregularities and possible non-compliance with accounting requirements in relation to listed entities in Hong Kong.

Financial Reporting Council welcomes the 2020 Annual Report of the Process Review Panel

In its 12[th] review cycle, the PRP completed the review of seven cases related to possible auditing and reporting irregularities and possible non-compliance with accounting requirements in relation to listed entities in Hong Kong, three recognition applications of overseas public interest entities auditors and one complaint against a former staff of the FRC.

Investigation and Compliance

For an understanding of the legal framework under the AFRCO and the investigation function of the AFRC, please refer to the details set out in the following policy statements: 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 Complaints Learn how your complaints support our regulatory oversight Whistleblowing Gain insight into our whistleblowing mechanism and its role Bogus CPA Understand our actions against "bogus CPAs" to protect the profession Investigations Learn more about the investigation process for PIE Auditors and Non-PIE Auditors, including their registered responsible persons, and professional persons Enquiries Gain insight into our enquiries into listed entities' reporting compliance Financial Statements Review Programme Understand our programme for monitoring listed entities' financial statements

Corporate Practice

Corporate Practice Registration of corporate practices A company intending to perform statutory audits in Hong Kong is required to be registered with the AFRC as a corporate practice.

CPA Firm

CPA Firm Registration of CPA firms A CPA (practising) or a firm of CPAs (practising) practising accountancy in partnership intending to perform statutory audits in Hong Kong under a firm name is required to be registered with the AFRC as a CPA firm.

FRC welcomes the appointment of Chairman and Board Members

The FRC will also be overseeing the performance of the Hong Kong Institute of Certified Public Accountants (HKICPA) of their functions in relation to auditors of listed entities including registration; setting of standards on professional ethics, auditing and assurance; and setting of continuing professional development requirements. Conducting policy research on audit and financial reporting issues, and promoting good corporate governance will also be one of the strategic focus of the organisation.

FRC Announces Appointment of Deputy CEO

She has extensive regulatory knowledge and experience in financial reporting and auditing. She is a former member of the Financial Reporting Standards Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA).

FRC issues its 2021-22 Annual Report

We are pleased that amidst the many challenges in the past year, the FRC has been able to influence and shape the behaviours of our regulatees and other stakeholders to drive high quality financial reporting and audit.” Dr Kelvin Wong, Chairman of the FRC said, “The past year was a challenging but rewarding one.

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