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AFRC Issues 2025–26 Annual Report
During the reporting period, the AFRC issued 16 publications and held 102 stakeholder engagement activities, reaching more than 37,000 stakeholders, and provided insights and guidance on regulatory compliance, audit quality, corporate governance, AI innovation, and sustainability. ... The Report also outlines the AFRC’s progress in safeguarding financial reporting integrity and audit quality through its robust registration, inspection, and enforcement functions. Ms Janey Lai, Chief Executive Officer of the AFRC, said, “Audit excellence is essential to public trust, financial integrity, and sound corporate governance.
FRC Welcomes the Appointments to Financial Reporting Review Panel
Wang Xin, to the Financial Reporting Review Panel (FRRP) by the HKSAR Government today. Quality financial reporting is the backbone of an efficient financial market, failing which public confidence and trust on listed companies will be undermined. Members of the FRRP play an indispensable role in conducting enquiries into possible noncompliance with accounting requirements in the financial reports of listed entities and making recommendations to the Board of the FRC on the removal of non-compliance identified, thereby upholding the quality of financial reporting and enhancing protection for investors. ... Charged with upholding the quality of financial reporting and auditing, the FRC will stay vigilant and critically review the filtering criteria of our Programme according to the deteriorating business environment.”
SFC and FRC to enhance collaboration
The enhanced collaboration between the SFC and the FRC under the new MoU, which includes case referrals, joint investigations, mutual assistance, capacity building and the exchange and use of information, will increase the overall effectiveness of both regulators in ensuring the quality of financial reporting by listed entities and the audit quality of listed entity auditors. ... “By working closely with the FRC to maintain the integrity of our capital market and promote good corporate governance, we can expect to see improvements in the audit quality of listed companies in the years to come.”
Policy and Governance
Policy and Governance Overview The AFRC conducts policy research that is conducive to enhancing financial reporting and audit quality. Our aim is to promote the healthy development of the accounting profession by encouraging positive changes in the market. We start by researching policy issues related to financial and sustainability reporting, auditing, and corporate governance, and translating the findings into practical guidance. ... Find out more about our work: Publications [Audit Uncovered] Videos
AFRC continues to take robust enforcement actions against registration and independence breaches
The second case relates to the first case, and concerns a practitioner, Mr Tang Wai Leung ( Tang ) 4 , who acted as an external Engagement Quality Control Reviewer ( EQCR ) for the same audit mentioned above without the required registration. ... These actions reflect the AFRC’s continued focus on ensuring compliance with registration requirements and upholding auditor independence, thereby upholding audit quality and strengthening public confidence. ... These contraventions are serious, as the registration framework was designed to ensure accountability, competence and audit quality. When audit work is conducted by individuals who are not properly registered, public confidence on audit quality is compromised.
FRC Welcomes Government’s Announcement of Injection of Seed Capital of HK$ 400 Million for the FRC in the 2019-2020 Budget
The FRC will also be overseeing the performance of the Hong Kong Institute of Certified Public Accountants of their functions in relation to auditors of listed entities including registration; standards in professional ethics, auditing and assurance; and continuing professional development requirements. ... It will also facilitate the commencement of the Ordinance as soon as possible which, in the long run, will enhance the quality of corporate reporting and strengthen investor protection in Hong Kong.” When the Ordinance takes effect, it will enable Hong Kong to meet the membership requirements of the International Forum of Independent Audit Regulators (IFIAR) whereby members from around the world share their regulatory experience and inspection findings with an aim of enhancing audit quality globally.
AFRC Concludes Successful First Day of the Regional Regulatory Forum 2025, Fostering Dialogue on Accounting's Future
This year’s Forum, themed “Accounting for the Future,” examined evolving developments in financial reporting and auditing and their impact on the wider financial ecosystem. Panel discussions on corporate governance and culture, audit quality, artificial intelligence, and sustainability assurance underscored the need of the profession to be purposeful, progressive, and resilient amid changing regulatory, environmental, and technological landscapes, so as to secure the long-term integrity and competitiveness of capital markets. ... The AFRC is committed to fulfilling its role— as a regulator and a partner—to elevate standards, enhance resilience, and preserve the quality and integrity of our markets.
FRC’s Briefing at LegCo Panel on Financial Affairs on 2021-22 budget
Dr Kelvin Wong, Chairman of the FRC remarked, “In the face of the challenges brought by COVID-19, the FRC has been proactively communicating with the audit profession on major audit risks that the FRC is concerned about. ... Dr Kelvin Wong also briefed Panel Members that the FRC also conducts policy research that contributes to the enhancement of audit quality and corporate governance. A research report in relation to the listed entity audit market in Hong Kong will be published in mid March.