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AFRC welcomes the Government’s 2024-25 Budget
Dr Kelvin Wong, Chairman of the AFRC remarked, “The AFRC welcomes the Government’s multi-pronged policies and initiatives in creating a battery of strong catalysts for further development and growth in the financial services industry, covering internationalisation of Renminbi, stock and bond market, asset and wealth management, risk management, green finance and fintech, where quality financial reporting will be pivotal to ensuring public trust and confidence. ... As the independent regulator of the accounting profession, the AFRC will review its strategic roles in the context of the Government’s initiatives with a view to continue upholding the quality of financial reporting, thereby fortifying Hong Kong’s position as a leading international financial centre that attracts capital and talent.
AFRC, ICAC and SFC first tripartite operation against suspected misconduct and corporate fraud
The Joint Operation and collaboration with the other two agencies manifests the staunch determination of the AFRC to combat financial crime, illicit activities and professional misconduct in order to restore public trust in the financial reporting quality of listed entities and their auditors. Ms Janey Lai, Acting Chief Executive Officer of the AFRC, said, “The Joint Operation represents the AFRC’s absolute commitment to take all necessary actions to ensure integrity and quality of financial reporting and audit in Hong Kong. ... These positive outcomes contribute to the resilience of the financial market, safeguard the interests of investors, reinforce public confidence in the quality of financial reporting, and uphold Hong Kong’s status as an international finance centre.”
FRC welcomes new appointments and reappointments to the Financial Reporting Review Panel and expresses sincere gratitude to retiring members
Please refer to Annex 1 for the list of newly appointed, reappointed and retiring FRRP convenors and members. Quality financial reporting is the backbone of an efficient financial market, failing which public confidence and trust on listed companies will be undermined. ... Early detection and swift regulatory action to remove such non-compliance enables the FRC to safeguard the interests of the investing public in the quality of financial reporting by listed entities and strengthen Hong Kong’s position as a competitive international financial centre.” ... The FRC looks forward to continuing working closely with the FRRP to leverage the wealth of knowledge and experience of its members in discharging our function effectively, thereby upholding the quality of financial reporting.”
Manager
Policy, Registration and Oversight Manager Responsibilities Undertake high-impact research on audit, financial reporting, and governance to inform policies that strengthen the accounting ecosystem. Monitor global and local developments in professional standards and develop practical guidance that elevates audit and reporting quality. ... At least 3 years of relevant post-qualification experience in audit. Motivated and have a strong desire to develop a long-term career within a regulatory body.
Financial Reporting Council publishes consultation conclusions on Proposed Sanctions Guidelines
During the Consultation, the FRC had arranged 15 meetings with different stakeholders including audit firms that audit listed entities in Hong Kong and professional bodies to explain in details our proposed Sanction Guidelines and clarify on issues of concerns. ... It is important to reiterate that the ultimate objective for the FRC to impose sanctions on identified misconducts is not to punish for the sake of punishing, but to help rectify and improve less than satisfactory behaviours of auditors, thereby upholding the quality of financial reporting of listed entities in Hong Kong, safeguarding the interest of the investing public and ultimately, reinforcing Hong Kong’s status as an acclaimed international financial centre.”
AFRC meets with the General Union of Hong Kong Accounting Professionals and Staff to discuss the sustainable development of the accounting profession
Ms Janey Lai, CEO of the AFRC said, “We are delighted that the accounting profession proactively shared their views and challenges through its interaction with the regulator which validates our mission to uphold the quality of financial reporting. ... Feedback collected by the AFRC has also been vital towards building the foundation for future initiatives aiming to further enhance the quality of the accounting profession.”
AFRC welcomes the Chief Executive’s 2024 Policy Address
To support the Hong Kong SAR Government’s initiatives, we will continue to focus on upholding the quality of corporate reporting, including the reliability of sustainability information through independent assurance, to contribute to Hong Kong's development as a global green finance hub.” ... Along with the growing demand for high-quality accounting talent, the AFRC remains steadfast in its commitment to collaborate with industry stakeholders to build a robust accounting workforce that is not only highly skilled in the practice, but also adept at leveraging technology and innovation, to meet the evolving needs of our financial market, and contributes to the overall success and competitiveness of Hong Kong.”
Financial Statements Review Programme
Our Scope The scope of a review includes identifying good quality application of financial reporting requirements and set out our expectations for those with oversight of the reporting process to consider. Throughout the review, the AFRC will also consider whether there is non-compliance with financial reporting standards, auditing and assurance standards, and other relevant financial reporting guidelines (such as accounting requirements under the Listing Rules of the Stock Exchange of Hong Kong Limited and disclosure requirements under the Hong Kong Companies Ordinance).