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AFRRT confirms AFRC’s decisions to suspend Chiang Sham Lam Anthony and Anthony S. L. Chiang & Co. for serious violations of fundamental auditor independence requirements
In its determination of the Regulatees’ review application, the Accounting and Financial Reporting Review Tribunal’s ( AFRRT ) has confirmed and upheld the AFRC’s decisions against the Regulatees for (i) breaching fundamental independence requirements when performing audits ( Audits ) for five private companies ( Companies ) over 22 years and (ii) failing to establish and maintain an effective quality control system to ensure independence. ... Separately, the Regulatees failed to establish and maintain a system of quality control and policies and procedures to provide ASLC & Co with reasonable assurance that it and its personnel maintain independence. ... Firms must have effective quality control systems in place to safeguard independence and uphold the integrity of their audits.
Speeches and Presentations
Speeches and Presentations CEO Ms Janey Lai's Keynote Speech at CHKLC x HKIRA Investor Day 2026 (Chinese Only) 27 May 2026 CEO Ms Janey Lai's Opening Remarks at SCAA's "Enhanced Inspections and Regulatory Expectations on Audit Quality" Seminar (Chinese Only) 22 May 2026 With audit fees at less than 0.03% of market capitalisation, the AFRC warns that fee suppression puts market confidence at risk. (Chinese version only) 21 May 2026 Chairman and CEO's opinion piece: Getting an audit wrong can have profound consequences for credibility 30 April 2026 Chairman Dr David Sun’s remarks at LegCo Panel on Financial Affairs on 2026-27 budget (Chinese version only) 2 March 2026 Chairman Dr David Sun’s opening remarks at VTC’s Accountancy Forum 2026 (Chinese version only) 30 January 2026
Speeches and Presentations
Speeches and Presentations CEO Ms Janey Lai's Keynote Speech at CHKLC x HKIRA Investor Day 2026 (Chinese Only) 27 May 2026 CEO Ms Janey Lai's Opening Remarks at SCAA's "Enhanced Inspections and Regulatory Expectations on Audit Quality" Seminar (Chinese Only) 22 May 2026 With audit fees at less than 0.03% of market capitalisation, the AFRC warns that fee suppression puts market confidence at risk. (Chinese version only) 21 May 2026 Chairman and CEO's opinion piece: Getting an audit wrong can have profound consequences for credibility 30 April 2026 Chairman Dr David Sun’s remarks at LegCo Panel on Financial Affairs on 2026-27 budget (Chinese version only) 2 March 2026 Chairman Dr David Sun’s opening remarks at VTC’s Accountancy Forum 2026 (Chinese version only) 30 January 2026
Court of Appeal dismisses applications of Chiang Sham Lam Anthony and Anthony S. L. Chiang & Co. for leave to appeal and stay of execution
These sanctions stemmed from the Regulatees’ serious breaches of fundamental auditor independence requirements over 22 years, as well as failure to maintain an effective quality control system to ensure independence. The AFRC found that, from 1999 to 2021, Chiang and ASLC & Co audited the financial statements of five private companies whilst Chiang himself, or his family members, held various roles, including director and company secretary, and had direct financial interests, in those companies over various periods. ... Auditor independence is the cornerstone of audit quality, and the AFRC will continue to take decisive action to uphold the integrity of the profession.”
Our Role
This pivotal role not only enhances the quality of financial reporting but in turn reinforces our pursuit of promoting the healthy development of the profession and Hong Kong’s position as a competitive international financial centre. ... We perform our functions fairly, impartially and consistently, free from interference by the auditing profession and listed entities, and from political pressure. ... Inspection and enforcement of audit quality in the accounting profession.
AFRC 2024 Oversight Report identifies improvement areas for the HKICPA to support the development of the accounting profession
This, in turn, contributes to the overarching goal of enhancing financial reporting and auditing quality and sustaining Hong Kong's global financial competitiveness. Overview of Findings and Recommendations The five oversight findings in 2024 are as follows: High non-compliance rate in continuing professional development ( CPD ) compliance audits; A lack of robust handling and review mechanism of feedback received on CPD training; Compliance with the regulatory order is not considered in the fit and proper assessment of certified public accountant ( CPA ) registration; Gaps in authorised employer and authorised supervisor assessment; and A lack of process for ensuring the quality of CPD courses prior to the event and that the courses meet the identified learning objectives. ... Ms Janey Lai, CEO of the AFRC, concluded, “The 2024 Oversight Report provides useful reference to CPAs, audit firms, and other industry stakeholders to understand the industry developments and upskill their expertise, and raise the trust and credibility of the profession.
AFRC Hosts Landmark Regional Regulatory Forum 2024
This one-and-a-half-day event featured a main forum, an appreciation dinner, and a half-day closed-door regulatory roundtable session attended by representatives from eight jurisdictions, including the two Chairs of the International Forum of Independent Audit Regulators, and Committee of European Auditing Oversight Bodies. ... Mr Ian Stone advocated for ethical management and due diligence, stressing that audit committees should prioritise auditor quality over audit fees. Panel Chair Dr Kelvin Wong underscored the importance of auditors in maintaining the quality and integrity of financial reporting, concluding that quality audit practices and transparency are essential for a well-regulated market.
AFRC emphasises the importance of adherence to registration requirements for carrying out PIE engagements
For registered PIE auditors, the AFRCO also sets out specific registration requirements for individuals acting as an engagement partner ( EP ) or an engagement quality control reviewer ( EQCR ) for PIE engagements, including the following: Any individual who is to act as an EP or an EQCR of a PIE engagement must be a registered EP or a registered EQCR (as the case may be) of the particular registered PIE auditor concerned, before undertaking any activities in such capacities; and A registered PIE auditor must not authorise any person who is not a registered EP or a registered EQCR of that particular registered PIE auditor to carry out any activities in such capacities. ... They serve the purpose of safeguarding the audit quality of PIE engagements.