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AFRC to Organise Regional Regulatory Forum in Hong Kong for the Accounting and Auditing Profession

AFRC to Organise Regional Regulatory Forum in Hong Kong for the Accounting and Auditing Profession 14 October 2025 The Accounting and Financial Reporting Council ( AFRC ) will host the Regional Regulatory Forum (RRF) 2025 on 10 November 2025. Building on last year’s inaugural event, RRF 2025 is expected to gather around 400 local and international guests, including government officials, financial regulators, audit firms, accounting practitioners, governance experts, business leaders and academics. This year’s forum, themed “Accounting for the Future” , will explore the challenges and opportunities shaping accounting and auditing. Panel discussions on governance, audit quality, artificial intelligence (AI), and sustainability assurance will examine the shifting regulatory, environmental, and technological demands.

Completed investigation on the audit of the consolidated financial statements of a listed entity for the year ended 31 March 2017

Completed investigation on the audit of the consolidated financial statements of a listed entity for the year ended 31 March 2017 9 July 2020 On 29 June 2020, the FRC adopted the investigation report on the audit of the consolidated financial statements of a listed entity for the year ended 31 March 2017. ... The investigation revealed that the auditor and the engagement partner failed to properly perform the relevant audit, in relation to the above matters, in accordance with the relevant provisions of Hong Kong Standard on Auditing (HKSA) 500 Audit Evidence , HKSA 600 Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) and HKSA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements . It was also found that the engagement quality control reviewer of the relevant audit failed to fully comply with the relevant provisions of HKSA 220 Quality Control for an Audit of Financial Statements .

Overview of the non-public interest entity audit market

Overview of the non-public interest entity audit market 30 October 2024 The AFRC today publishes its Overview of the Non-Public Interest Entity Audit Market in Hong Kong ( Overview ). ... In terms of the number of audit clients, 1 Category E PUs dominated the non-PIE audit market in 2022, holding the largest share with 195,274 audit clients (67%). ... Furthermore, regardless of the size of the audit, including the audit of dormant companies, PUs should document concisely and clearly the audit procedures performed and evidence obtained.” 1 An audit client may include the audit of multiple companies.

AFRC reminds auditors of the importance of audit documentation integrity

AFRC reminds auditors of the importance of audit documentation integrity 29 May 2024 The Accounting and Financial Reporting Council ( AFRC ) today publishes an article titled The Importance of Audit Documentation Integrity . It aims to remind auditors of the key standards relating to audit documentation integrity and to emphasise the importance of improving audit quality through the development of an effective system of audit documentation policies, procedures, and controls. Audit documentation is the primary means by which auditors demonstrate their compliance with auditing standards.

Effective cross-boundary cooperation between the Supervision and Evaluation Bureau of the PRC Ministry of Finance and the FRC

Effective cross-boundary cooperation between the Supervision and Evaluation Bureau of the PRC Ministry of Finance and the FRC 3 December 2020 (3 December 2020, Hong Kong) The FRC has obtained the first of the audit working papers located in the Mainland that it requires to carry out its investigations into possible auditing irregularities. ... The objective of the MoU is for the SEB and the FRC to work collaboratively on the basis of mutual reliance to: Enhance the quality and reliability of listed entities’ audits; Protect the interests of investors and the public; and Strengthen public trust in audits and investor confidence in the capital markets. ... Under the MoU, the FRC has made requests for the SEB’s assistance in gaining access to audit working papers located in the Mainland.

The importance of regulatory synergy in upholding financial reporting and audit quality

This indicates a persistent need for rigorous oversight and review by audit committees and auditors to address these critical areas effectively. ... A major issue identified relates to the incoming auditors' client acceptance and audit planning. The AFRC urges incoming auditors to place emphasis on analysing the audit implications of the circumstances leading to the outgoing auditors’ resignation and assessing their capabilities before undertaking the engagement. ... Fostering a culture of quality in financial reporting and auditing The AFRC administers an effective investigation and enquiry regime that deters misconduct and non-compliance, fosters high standards of professional conduct in the accounting profession, and leads the accounting profession to enhance the quality of financial reporting and auditing.

Chairman's remark at Signing Ceremony of MOU on Cooperation in Audit Regulation between Supervision and Evaluation Bureau of Ministry of Finance and Financial Reporting Council (Chinese Version Only)

Chairman's remark at Signing Ceremony of MOU on Cooperation in Audit Regulation between Supervision and Evaluation Bureau of Ministry of Finance and Financial Reporting Council (Chinese Version Only) 21 May 2019 尊敬的劉怡翔局長、郜進興局長、宋瑋部長、各位來賓、各位傳媒朋友: 歡迎各位今天出席中華人民共和國，財政部監督評價局與香港特別行政區財務匯報局，簽署審計監管合作備忘錄的儀式，共同見證我們雙方在審計監管的全面合作並開展新一頁。

AFRC highlights impact of current economic conditions on financial reporting and audit practices

AFRC highlights impact of current economic conditions on financial reporting and audit practices 21 October 2024 The Accounting and Financial Reporting Council ( AFRC ) has today published a report “ Audit implications of current economic conditions for Hong Kong-listed companies ” ( the Report ). ... It also provides relevant insights for company management, audit committees, and auditors. ... Audit committees should oversee the process to ensure high-quality financial reporting.

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