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FRC issues Annual Investigation and Compliance Report and Interim Inspection Report
This should ultimately enhance the quality of financial reporting and audits of listed entities.” ... We further identified that these are also one of the most common areas where the related work of auditors gives rise to actual or potential auditing irregularities.” “The most common areas of auditing irregularities that we identify include: failing to perform the engagement quality control review adequately (85%); failing to properly conduct the audit to obtain sufficient appropriate audit evidence on which to base their opinion (82%); failing to exercise appropriate professional skepticism and professional judgement (72%); and aspects of the audit addressing aspects of accounting where preparers are required to make significant judgements and estimates (46%).” ... Our aim is to enable auditors and audit committees to take action ahead of the next audit cycle.”
FRC issues its 2021-22 Annual Report
The Report sets out our progress and accomplishments in fulfilling our mission of upholding the quality of financial reporting to protect the public interest. ... We are pleased that amidst the many challenges in the past year, the FRC has been able to influence and shape the behaviours of our regulatees and other stakeholders to drive high quality financial reporting and audit.”
AFRC’s Briefing at LegCo Panel on Financial Affairs on 2023-24 budget
In 2022, the AFRC organised 50 stakeholder engagement activities in the Consultation for the further reform, which were with 6,000 accounting and auditing professionals. It has also conducted 55 PIE engagement inspections, 6 non-PIE engagement inspections and 26 firm-wide quality control inspections. The AFRC also conducted policy research that contributes to the enhancement of audit quality and corporate governance.
Policy and Oversight
Policy and Oversight Overview The AFRC conducts policy research that is conducive to enhancing the quality of financial reporting and auditing, and publishes guidance on governance and other issues where appropriate.
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. With the wise counsel of members of SCATF, the FRC is well-poised to drive constructive initiatives to reinforce investors’ confidence in the quality financial reporting that integrates relevant ESG factors.”
AFRC welcomes the Government’s 2023-24 Budget
AFRC welcomes the Government’s 2023-24 Budget 22 February 2023 The Accounting and Financial Reporting Council (AFRC) welcomes the 2023-24 Budget announced by the Financial Secretary, Mr Paul Chan, which focuses on vigorously pursuing economic growth, and moving to high quality development and enhancing people's quality of life. ... We also fully agree with the Government in attaching importance to issues about both development and security when pursuing high-quality development of Hong Kong as an international financial centre.
Press Releases
Press Releases AFRC emphasises the importance of adherence to registration requirements for carrying out PIE engagements 17 January 2025 Driving quality improvement – Setting the right tone at the top for performing an effective root cause analysis and remediation 31 December 2024 AFRC welcomes the 2023-24 Annual Report and new appointments of the Process Review Panel 31 December 2024 AFRC reprimands BDO Limited and two others for serious audit breaches, imposes fines totalling HK$1.456 million and gives its first direction for additional CPD in disciplinary case 20 December 2024 AFRC Hosts Landmark Regional Regulatory Forum 2024 to Restore Public Trust in the Accounting and Audit Profession 2 December 2024 AFRC welcomes appointment of Chairman 8 November 2024
Press Releases
Press Releases Completed investigation 8 July 2019 Financial Reporting Council publishes consultation conclusions on Proposed Sanctions Guidelines 31 May 2019 Financial Reporting Council welcomes the consultation conclusions on proposed rule changes relating to disclaimer or adverse audit opinion on issuer’s financial statements published by The Stock Exchange of Hong Kong Limited 24 May 2019 The Supervision and Evaluation Bureau of the Ministry of Finance and the Financial Reporting Council of the Hong Kong Special Administrative Region sign a Memorandum of Understanding to promote cross-boundary cooperation and enhance audit quality 22 May 2019 Completed investigation 22 May 2019 FRC Welcomes the Gazettal of the Commencement Notice of Financial Reporting Council (Amendment) Ordinance 2019 17 May 2019