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Compensation and Nomination Committee

He held the position of Director of Audit at the Audit Commission of the Hong Kong SAR Government from 2012 to 2018. ... With decades of experience in Chinese Mainland and Hong Kong, her background includes auditing, talent development and business transformation.

AFRC welcomes the 2023-24 Annual Report and new appointments of the Process Review Panel

In the 2023-24 review cycle, the PRP reviewed the AFRC’s handling of: inspections on six practice units and PIE auditors and seven audit engagements; 13 complaint, enquiry and/or investigation cases; four applications for issuance of practising certificate or registration; and the oversight of the Hong Kong Institute of Certified Public Accountants’ specified functions.

FRC establishes Sustainability and Climate Task Force

The SCATF is composed of a diverse group of top-notch experts representing key stakeholders from institutional investors, industry associations, professional institutions, listed entities and auditing professionals: Dr Christine CHOW (Convenor) Ms Nancy TSE Ms Grace HUI Ms Melissa BROWN Ms Ashley KHOO Mr Fox CHU Mr Jamie Allen Ms Sammie LEUNG Mr Pat WOO Mr Marek Grabowski, CEO of the FRC, said, “As an internationally-aligned independent auditor regulator, the FRC strives to enhance the quality of financial reporting, which increasingly takes into account ESG factors in recent years.

SFC and AFRC join forces to combat misconduct by listed issuers

It also sets out the conduct standards and practices that listed issuers, their directors, audit committees and auditors should adhere to in relation to loans and similar arrangements.

Investigations

For details, please refer to: 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) .

Policy, Registration and Oversight Committee

Policy, Registration and Oversight Committee The Policy, Registration and Oversight Committee advises the Board on matters concerning policy research and guidance on governance issues, the registration and recognition of audit practitioners, practice units and PIE auditors, as well as oversight of the HKICPA's performance of specified functions, with the aim of improving the quality of audit and financial reporting. ... With decades of experience in Chinese Mainland and Hong Kong, her background includes auditing, talent development and business transformation.

FRC welcomes the passage of the Financial Reporting Council (Amendment) Bill 2021

Under the newly enacted legislation, the FRC will assume the following regulatory functions from the Hong Kong Institute of Certified Public Accountant (“HKICPA”) in respect of the accounting profession in Hong Kong: i. issuance of practising certificates to certified public accountants (CPAs); ii. registration and inspection of practice units; iii. investigation and discipline of all CPAs, certified public accountants (practising) and practice units; and iv. overseeing the remaining statutory functions of the HKICPA: a) setting of requirements for and provision of continuing professional development; b) setting of standards of professional ethics, and setting of accounting and auditing standards; and c) registration of CPAs including conducting qualifying examinations for CPAs and mutual and reciprocal recognition of accountants with overseas accountancy bodies.

FRC and HKICPA sign Revised Statement of Protocol on Oversight Arrangement to reflect broader oversight by the AFRC

The AFRC will oversee the following HKICPA’s statutory functions: i. ascertaining the qualification for registration as CPAs by conducting examinations; ii. registering CPAs; iii. arranging for mutual or reciprocal recognition of accountants; iv. setting continuing professional development (CPD) requirements for CPAs; v. issuing or specifying standards on professional ethics, and accounting, auditing and assurance practices for CPAs; and vi. providing training for qualifying as and the CPD of CPAs.

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