Search

Collection of FRC levy by Hong Kong Exchanges and Clearing Limited

Collection of FRC levy by Hong Kong Exchanges and Clearing Limited 28 June 2021 As the independent auditor regulator of Hong Kong, the Financial Reporting Council (FRC) is committed to safeguarding public interest through upholding the quality of financial reporting of listed entities in Hong Kong.

AFRC publishes the Complaint Guidelines

To protect the public interest effectively on a timely basis, the AFRC published the Complaint Guidelines (the Guidelines) that aim to increase the quality of complaints by enabling the public to better understand the relevant procedures and the necessary information that may constitute pursuable complaints.

AFRC Launch Ceremony to inaugurate the commencement of the new regulatory regime of the accounting profession

Given the expanded duties, the AFRC will spearhead and lead the accounting profession to constantly raise the level of quality of professional accountants, and thus protect the public interest. ... As an independent regulator, we intend that our regulatory action will not only enhance the quality of financial reporting but it in turn will further reinforce our pursuit of promoting a healthy development of the profession and Hong Kong‘s position as a competitive international financial centre.”

Discipline

Discipline Overview The AFRC takes appropriate and timely disciplinary actions in cases of misconduct by imposing commensurate sanctions for the purposes of deterrence, investor protection, maintaining market confidence in the quality of financial reporting and audits, and upholding the standards of conduct among regulatees. ... Highlights Press Releases AFRC imposes HK$300 million fine and six-month practice limitation on PwC and HK$10 million in fines on its two former registered responsible persons over the Evergrande Audits The AFRC has sanctioned PwC and two of its former partners and registered responsible persons, Mr Cheung Siu Cheong and Mr Chow Sai Keung, for misconduct in connection with PwC’s audits of the consolidated financial statements of: (i) China Evergrande Group (in liquidation) (previous stock code: 03333, delisted) and its subsidiaries for the years ended 31 December 2019 and 2020; (ii) Evergrande Property Services Group Limited (stock code: 06666) and its subsidiaries for the year ended 31 December 2020; and (iii) China Evergrande New Energy Vehicle Group Limited (stock code: 00708) and its subsidiaries for the year ended 31 December 2020.

The Financial Reporting Council welcomes the Government’s 2020-21 Budget

In echoing the Government’s determination in ensuring financial security under the highly volatile environment, Ms Florence Wong, Acting CEO of the FRC said, “ The FRC will remain steadfast in its mission of upholding the quality of financial reporting of listed entities in Hong Kong for the operation of a stable and orderly financial market.”

Discipline Committee

Prior to his retirement in June 2014, Peter served as an audit partner in the Beijing office of KPMG China, bringing extensive expertise in delivering audit services for both PRC and international companies. ... With decades of experience in Chinese Mainland and Hong Kong, her background includes auditing, talent development and business transformation. ... During his illustrious career at Deloitte China, Mr Lip held senior leadership roles, including Audit Managing Partner, Chief Quality and Ethics Officer, and Reputation and Risk Managing Partner.

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

Conducting enquiries in a timely manner is key to identifying and detecting possible misconduct and non-compliance, thereby safeguarding the integrity of financial reporting and audit quality.” Dr Kelvin Wong, Chairman of the AFRC, remarked, “I would like to extend my heartfelt gratitude to the retiring members and warmly welcome the new convenors and members of the FRRP.

FRC expresses profound gratitude to the retiring Non-Executive Directors (NEDs) and welcomes the Government’s Appointment/Reappointment of NEDs

With the wide spectrum of expertise and collective wisdom of our NEDs, I have full confidence in working together with the Board and the management to ensure effective regulation of the auditing and accounting professions which is conducive to a long term healthy development of both the financial reporting quality and the accounting profession.”

Search across website resources