Search

AFRC Welcomes Process Review Panel Report 2024-25

Their recommendations will continue to support our efforts to uphold the high standards of audit quality and market integrity in Hong Kong," she said.

FRC publishes its 2019 Annual Report

They are the cornerstone for us to fulfil our mission of enhancing the quality of financial reporting of public interest entities in Hong Kong, deepening investors’ confidence in the quality of corporate reporting and safeguarding public interest.”

Oversight

These actions would allow the AFRC to achieve the ultimate objectives of enhancing the quality of financial reporting and audit in Hong Kong, upholding Hong Kong’s position as a competitive international financial centre, and fulfilling our statutory duty of promoting the healthy development of the accounting profession. Scope of Oversight We oversee the performance of the HKICPA of the following functions ( Specified Functions ): Ascertaining whether persons are qualified for registration as certified public accountants by conducting examinations and acting in such other manner as may be necessary, and dealing with applications and other matters relating to be registration of certified public accountants; Arranging with accountancy bodies in places outside Hong Kong for the mutual or reciprocal recognition of accountants; Setting continuing professional development requirements for certified public accountants; Issuing or specifying standards on professional ethics, and accounting, auditing and assurance practices, for certified public accountants; and Providing training for qualifying for registration as, and the continuing professional development of, certified public accountants.

AFRC welcomes the Government’s 2025-26 Budget

By upholding high quality audit standards and strengthening connectivity, the AFRC aims to foster a robust financial reporting and governance ecosystem that builds trust.

AFRC reprimands and fines Rongcheng (Hong Kong) CPA Limited, Lee Wai Chi and Chan Kin Wai over HK$1.18 million for contraventions of registration and notification requirements under the AFRCO

Further, it is particularly concerning that CL Partners did not have any registered engagement partner and registered quality control system responsible person for around five months in 2022, and it also failed to inform the HKICPA of the same within the specified time, in contravention of the relevant registration and notification requirements under the AFRCO at the time. ... Among other things: The Regulatees’ multiple contraventions constituted serious misconduct. Audits of 14 PIE engagements were conducted by engagement partners without the required registration. Further, CL Partners still conducted various PIE audit engagements when it had no registered engagement partner and registered quality control system responsible person at all.

AFRC welcomes the new appointment and reappointments to the Financial Reporting Review Panel and expresses heartfelt gratitude to retiring members

For details of the newly appointed convenor and reappointed members, please click here . Quality financial reporting is the bedrock of the effective functioning of the financial market and the source of public confidence in listed entities. ... As the independent regulator of the accounting profession, the AFRC will continue working closely with the FRRP to uphold the quality of financial reporting for the continued success of Hong Kong as a leading international financial centre.”

Associate Director

Policy, Registration and Oversight Associate Director Responsibilities Drive high-impact research on audit, financial reporting, and governance to inform policies that strengthen the accounting ecosystem. Oversee the monitoring of global and local developments in professional standards and guide the development of practical guidance that elevates audit and reporting quality. ... At least 6 years of relevant post-qualification experience in audit. Motivated and have a strong desire to develop a long-term career within a regulatory body.

Associate Director / Manager (Oversight and Policy)

Assess and provide recommendations to HKICPA on its development and implementation of auditing, accounting and assurance standards. ... Develop AFRC policy positions on audit quality, and emerging topics including AI in audit, virtual assets and other novel themes. ... Collaborate with fellow regulators, professional bodies, audit firms and international counterparts to share insights and support a resilient, future-ready accounting profession.

Search across website resources