Showing 193 - 200 of 303 results
AFRC issues 2023-24 Annual Report
By adopting a risk-based and proportionality approach to uphold audit quality using enhanced regulatory tools while fostering strong relationships with regulatory counterparts.
Financial Reporting Council welcomes the 2018 Annual Report of Process Review Panel
The PRP completed the review of cases in the tenth review cycle (i.e. from January to December 2017) covering cases related to possible auditing and reporting irregularities and possible non-compliance with accounting requirements in relation to listed entities in Hong Kong. ... We will remain committed to discharging our statutory duties faithfully and in accordance with our internal procedures without compromising the quality.” The Annual Report of the PRP is available on the FRC website https://www.frc.org.hk/en-us/publications/other-reports The PRP’s press release is available at https://www.info.gov.hk/gia/general/201905/06/P2019050300550.htm?
Financial Reporting Council welcomes the 2020 Annual Report of the Process Review Panel
In its 12[th] review cycle, the PRP completed the review of seven cases related to possible auditing and reporting irregularities and possible non-compliance with accounting requirements in relation to listed entities in Hong Kong, three recognition applications of overseas public interest entities auditors and one complaint against a former staff of the FRC. ... As an accountable public organisation, the FRC is resolute in upholding the quality of financial reporting and serving public interest by consistently following internal procedures when making regulatory decisions and taking appropriate actions.
FRC and the HKICPA signed a Statement of Protocol on Oversight Arrangements
Under the Amendment Ordinance, the FRC is vested with direct powers of inspection, investigation, discipline concerning auditors of Public Interest Entities (PIE) and recognition of overseas PIE auditors, and powers of oversight of the performance of the HKICPA in relation to registration of, setting of continuing professional development (CPD) requirements, and setting of standards on professional ethics, auditing and assurance for registered PIE auditors. ... Under the Statement of Protocol, the FRC will have access to information in relation to the HKICPA’s performance of the registration of PIE auditors, matters concerning the setting of CPD requirements for PIE auditors and the setting of standards on professional ethics, auditing and assurance for registered PIE auditors. ... Charged with the oversight responsibility, the FRC looks forward to working closely and effectively with the HKICPA so as to improve the quality and competence of the PIE auditors and the competitiveness of the entire audit profession in the long run.
FRC joins IOSCO as an affiliate member
It is also a founding member of the Monitoring Group, a group of regulatory and international organisations committed to advancing the public interest in areas related to international audit standard-setting and audit quality. ... “Joining IOSCO will enable the FRC to benefit from the sharing of global experience in securities regulation among IOSCO members and contribute to IOSCO’s important work in relation to financial reporting and auditing.” Dr Kelvin Wong, Chairman of the FRC, said, “As the independent auditor regulator of Hong Kong, one of the leading capital markets in the world, the FRC recognises the importance of the global regulatory partners working closely together for the benefit of investors both globally and locally.
Financial Reporting Council publishes its 2018 Annual Report
It gives an overview on major findings of the investigations and enquiries completed during the year which serves to remind PIE auditors and listed companies of the auditing and reporting irregularities and non-compliance with accounting requirements that they should take heed of in order to achieve quality financial reporting. ... Delivered 9 presentations on the Bill to all 46 audit firms that audited listed Corporations/companies: Enhanced stakeholder engagement by updating the media, the academic community, accountancy professional bodies and other regulatory bodies about the development of the Bill, resulting in better understanding of our future roles, and extensive media coverage of the FRC. ... Met with international regulators such as International Forum of Independent Audit Regulators (IFIAR) and The International Auditing and Assurance Standards Board to discuss the latest international auditing practice and standards, and foster collaboration.
Press Releases
Press Releases AFRC in deepest mourning of the passing of Mr Jiang Zemin, Former President of the People’s Republic of China 6 December 2022 AFRC issues 2022 Interim Inspection Report and Report on Oversight of HKICPA regulatory functions 15 November 2022 AFRC’s follow-up survey on the implementation progress of the new and revised quality management standards 10 November 2022 AFRC issues an open letter to express its growing concern over late auditor resignations 27 October 2022 AFRC issues 2022 Annual Investigation and Compliance Report 20 October 2022 AFRC welcomes the Chief Executive’s 2022 Policy Address 19 October 2022
AFRC announces appointment of new Honorary Advisers
His leadership was marked by a strong commitment to transparency, comparability, and high-quality financial information in the public interest. ... Mr Peter Kan’s career in audit and financial services spans across the UK, Hong Kong and Mainland China, where he served as an audit partner in the Beijing office of KPMG China. With extensive experience in delivering audit services to both PRC and international companies, Mr Kan brings a wealth of expertise in cross-border financial practices.