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Disciplinary Cases
Substantial weaknesses in the auditor’s governance and monitoring controls in respect of the relevant audits were also identified. The engagement quality control reviewer failed to adequately evaluate the engagement team’s significant judgments and conclusions in the audits. ... Sanctions: Public reprimand Pecuniary penalties Jon Gepsom: HK$210,000 Wong: HK$70,000 Lo: HK$35,000 Press Release | Statement of Disciplinary Action 10 Mar 2026 Regulatee: Tang Wai Leung Misconduct : The CPA carried out activities as an external engagement quality control reviewer for a PIE audit engagement when he was not a registered engagement quality control reviewer of the relevant auditor, breaching the relevant statutory registration requirements. ... Multiple deficiencies were identified on both system-wide and engagement levels, including a deficient quality control system and failure to design and perform appropriate audit procedures and obtain sufficient appropriate audit evidence in two engagements.
Associate Director / Manager (Policy Research and Development)
Policy, Registration and Oversight Associate Director / Manager (Policy Research and Development) Responsibilities Track and analyse the audit and financial reporting environment in Hong Kong and the Chinese Mainland, including the structure and dynamics of the PIE audit market, the audit workforce, and cross-border audit linkages. ... Develop AFRC policy positions on audit quality and emerging topics including AI in audit, virtual assets and other novel themes. ... Strong interest in audit, financial reporting and capital markets, with openness to adopting modern analytical tools including AI.
FRC Welcomes the Passage of Financial Reporting Council (Amendment) Bill 2018
The FRC will also be overseeing the performance of the Hong Kong Institute of Certified Public Accountants of their functions for registration; standards in professional ethics, auditing and assurance; and continuing professional development requirements in relation to auditors of listed entities. ... The passage of the Bill will also enable the FRC to become a member of the International Forum of Independent Audit Regulators whose members from around the world share their regulatory experience and inspection findings in order to enhance audit quality globally. ... We will continue to strive for excellence and uphold the quality of financial reporting in Hong Kong.”
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. ... As the independent auditor oversight body of Hong Kong, we will remain steadfast in discharging our statutory duties by consistently adhering to our internal procedures so as to uphold the quality of financial reporting and safeguard public interest in a fair and proper manner in accordance to our stated policies. ” Ms Florence Wong, Acting CEO of the FRC added, “We feel encouraged that our efforts in enhancing efficiency in case handling were recognised by members of the PRP. The FRC looks forward to working even closer with the PRP to ensure that we continue to discharge our functions efficiently so as to achieve effective regulatory outcomes that may benefit the quality of corporate reporting in Hong Kong.”
Press Releases
Press Releases Navigating economic uncertainty: Insights for 2024 year-end audits 9 October 2024 AFRC calls on auditors and audit committees to strengthen independence safeguards around procurement and purchases from audit clients 4 October 2024 AFRC 2024 Oversight Report identifies improvement areas for the HKICPA to support the development of the accounting profession 16 September 2024 Maintaining the Quality of Cross-Border Audit Services 13 September 2024 AFRC welcomes the Government’s appointment and reappointment of Non-Executive Directors 12 September 2024 AFRC reprimands Ting Ho Kwan & Chan and three others for serious audit breaches and imposes fines over HK$1.7 million 9 September 2024
Press Releases
Press Releases New Memorandum of Understanding to strengthen collaboration between the HKMA and the AFRC 17 August 2023 Audit Focus - Importance of effective audit planning 31 July 2023 SFC and AFRC join forces to combat misconduct by listed issuers 13 July 2023 AFRC 2022 Annual Inspection Report provides transparency about audit quality and holds firms accountable for their performance 11 July 2023 AFRC welcomes the new appointment and reappointments to the Financial Reporting Review Panel and expresses heartfelt gratitude to retiring members 7 July 2023 AFRC issues its 2022-23 Annual Report 23 June 2023
Hong Kong Police Force signs MoU with FRC to enhance collaboration in upholding integrity and fairness of financial market
Hong Kong Police Force signs MoU with FRC to enhance collaboration in upholding integrity and fairness of financial market 16 September 2022 The Hong Kong Police Force ( HKPF ) and the Financial Reporting Council ( FRC ) today (September 16) entered into a Memorandum of Understanding ( MoU ) enabling full collaboration and co-operation in the performance of their respective duties in combating commercial crime and illicit activities in relation to financial reporting and audit quality in Hong Kong. ... Speaking at the MoU signing ceremony, the Deputy Commissioner of Police (Operations), Mr Yuen Yuk-kin, said, “Upholding the highest standard in financial reporting and audit quality of listed companies are crucial in safeguarding the integrity and fairness of the capital market and business operations in Hong Kong.
AFRC stresses the integrity of Hong Kong’s accounting regulatory regime
Since October 2019, the AFRC has been instrumental in enhancing the quality of financial reporting of listed entities in Hong Kong, resulting in continuous improvements. The quality of financial reporting in Hong Kong is on par with other leading international financial centres. The AFRC, being the independent regulator of the accounting profession, will continue to play its pivotal role in upholding the quality of financial reporting and protecting the public interest, thereby reinforcing Hong Kong’s position as a premier international financial centre.