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FRC expresses profound gratitude to the retiring Non-Executive Directors (NEDs) and welcomes the Government’s Appointment/Reappointment of NEDs

With the wide spectrum of expertise and collective wisdom of our NEDs, I have full confidence in working together with the Board and the management to ensure effective regulation of the auditing and accounting professions which is conducive to a long term healthy development of both the financial reporting quality and the accounting profession.”

Whistleblowing

We appreciate any information you can provide, including where possible: The name and contact information of the listed entity and any audit firm or individual concerned; A description of the alleged misconduct or non-compliance: Please give us as much information as possible, especially if you have chosen to remain anonymous and have not given us any contact details; Copies of any relevant documents or records supporting the allegations in your report; and Your contact details (email, postal address or telephone), but only if you choose to do so.

AFRRT dismisses the out-of-time review application of Lam Kin Choi and stresses the importance of complying with statutory deadlines

Lam’s non-cooperation obstructed the AFRC from properly discharging its regulatory functions and hampered its ability to monitor and uphold audit quality. The AFRC imposed sanctions on Lam and published the Press Release on 28 May 2024 after communicating the decision to Lam and upon the expiry of the 21-day period prescribed under the AFRCO for making a review application.

CEO's Speech at LegCo Panel on Financial Affairs on 2021-22 budget

Reinstating conference and duty visits to the Mainland at a cost of HK$580,000 reflects the regulatory significance of the audit work carried out there and is critical to relationship development with the Mainland regulators and Bureaux.

FAQs - Complaints

Is the auditor responsible for responding to my enquiries and providing copies of the audited financial statements or other financial information to me as a shareholder? ... Therefore, an auditor is not responsible for responding to shareholders’ enquiries or providing audited financial statements or other financial information to shareholders upon request.

AFRC, ICAC and SFC first tripartite operation against suspected misconduct and corporate fraud

Ms Janey Lai, Acting Chief Executive Officer of the AFRC, said, “The Joint Operation represents the AFRC’s absolute commitment to take all necessary actions to ensure integrity and quality of financial reporting and audit in Hong Kong. As the financial markets of Mainland China and Hong Kong are interconnected, the cross-border collaboration between regulators on both sides will intensify and is expected to bring about more effective enforcement.

AFRC takes first ever disciplinary actions against multiple practice units for non-compliance with anti-money laundering requirements and imposes fines totalling HK$290,000

AFRC takes first ever disciplinary actions against multiple practice units for non-compliance with anti-money laundering requirements and imposes fines totalling HK$290,000 5 March 2026 The Accounting and Financial Reporting Council ( AFRC ) has, in three separate cases, sanctioned the following audit firms and practitioners for failing to comply with the Guidelines on Anti-Money Laundering and Counter-Terrorist Financing for Professional Accountants ( AML Guidelines ), which form part of the Code of Ethics for Professional Accountants ( COE ): Prism Hong Kong Limited 1 ( Prism ); Mr Wong Ka Chun 2 ( Wong ); and Danny Ho & Company 3 ( DH&C ) and Mr Ho Oi Suen, Danny 4 ( Ho ).

FAQs - General

Examples of a “professional irregularity” include situations where a professional person: falsifies or causes to be falsified a document; makes a statement, in respect of a document, that is material and that the professional person knows to be false or does not believe to be true; fails to observe, maintain or otherwise apply a statement of professional ethics, or standard of accounting, auditing or assurance practices, issued or specified, or deemed to have been issued or specified, under section 18A of the PAO; fails to comply with an applicable AML/CTF requirement; while being a director of a corporate practice or a trust or company services provider (TCSP) licensee, or a responsible person of a limited partnership fund: causes or allows a breach of an AML/CTF requirement by the corporate practice, licensee or fund; or fails to take reasonable steps to prevent such a breach; fails, without reasonable excuse, to comply with a requirement imposed by a CPA inspector or CPA investigator; fails to comply with- any regulation made or any direction lawfully given by the AFRC; or the provisions of any bylaw or rule made or any direction lawfully given by the Council of the HKICPA; is negligent in the conduct of the professional person’s profession; is guilty of professional misconduct; or is guilty of dishonourable conduct (or, in the case of a corporate practice, does or omits to do something that, if the person were an individual CPA, would reasonably be regarded as being dishonourable conduct).

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