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Press Releases

Press Releases FRC issues its 2021-22 Annual Report 24 June 2022 FRC issues (i) Consultation Conclusions and (ii) the 2021 Annual Inspection Report 23 June 2022 FRC concludes that a listed entity failed to properly account for the interests in two investees and its auditor failed to identify the misstatements 20 April 2022 FRC finds that an auditor failed to obtain the evidence needed to evaluate the measurement and impairment assessment of goodwill arising from an acquisition 20 April 2022 FRC publishes survey of implementation progress by PIE Auditors for new and revised quality management standards 31 March 2022 FRC launches Engagement and Consultation Paper on further reform of the accounting profession 9 March 2022

Careers

Shared Values At the AFRC, we are dedicated to strengthening the quality of financial reporting and promoting the development and success of the accounting profession. ... We perform our functions fairly, impartially and consistently, free from interference by the auditing profession and listed entities, and from political pressure. ... Career Opportunities Inspection Manager Inspection Manager (IT Audit) Investigation and Compliance Associate Director / Manager Investigation and Compliance Administrator Discipline Manager Policy, Registration and Oversight Associate Director / Manager (Oversight and Policy) Policy, Registration and Oversight Associate Director / Manager (Registration) Policy, Registration and Oversight Associate Director / Manager (Policy Research and Development) Finance and Administration Manager (IT Infrastructure)

FAQs - Investigations

We investigates all professional persons as defined in AFRCO including: PIE auditor Registered PIE auditor Recognized PIE auditor Registered responsible person of a registered PIE auditor An engagement partner; An engagement quality control reviewer; or A quality control system responsible person.

FRC welcomes new appointments and reappointments to the Financial Reporting Review Panel and expresses heartfelt 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 entities will be undermined. ... As the independent regulator of the accounting profession, the FRC will continue working seamlessly with the FRRP to uphold the quality of financial reporting and safeguard the integrity of the capital markets of Hong Kong.”

ICAC signs MoU with FRC to enhance collaboration in upholding the integrity of the financial market

Apart from their respective duties in curbing corruption and illicit activities relating to listed companies and in maintaining the audit quality and integrity of financial reporting by listed entities, the ICAC and the FRC shared a common mission to foster high ethical business and professional standards as well as to sustain an open, clean and fair business environment in Hong Kong to ensure the trust of stakeholders in the financial system, said Mr Peh.

FRC welcomes the appointment of Mr Christopher Hui as Secretary for Financial Services and the Treasury

We are confident that with the unswaying support from the Financial Services and the Treasury Bureau under the leadership of Mr Hui, we will be able to fulfil our mission of upholding the quality of financial reporting of listed entities in Hong Kong.”

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

The FRRP plays a vital role in upholding the quality of financial reporting in Hong Kong. Comprising experienced professionals from the accounting, auditing, and financial sectors, the FRRP ensures that listed entities comply with financial reporting requirements, thereby protecting investor interests and strengthening public trust in Hong Kong’s capital markets.

AFRC welcomes the Government’s reappointment/appointment of Non-Executive Directors and an Executive Director to act as the CEO

With their wise counsel, I am confident that the AFRC will be able to upholding financial reporting quality effectively so as to promote the long term healthy development of the accounting profession.” ... Janey has accumulated a wealth of experience and expertise in auditing and talent development for 30 years.

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