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FAQs - General
A registered responsible person means any of the following individuals whose name is recorded in the registered PIE auditors register as a responsible person of a registered PIE auditor: an engagement partner; an engagement quality control reviewer; or a quality control system responsible person. 6. ... Examples of a “professional irregularity” include situations where a professional person: falsifies or causes to be falsified a document; makes a statement, in respect of a document, that is material and that the professional person knows to be false or does not believe to be true; fails to observe, maintain or otherwise apply a statement of professional ethics, or standard of accounting, auditing or assurance practices, issued or specified, or deemed to have been issued or specified, under section 18A of the PAO; fails to comply with an applicable AML/CTF requirement; while being a director of a corporate practice or a trust or company services provider (TCSP) licensee, or a responsible person of a limited partnership fund: causes or allows a breach of an AML/CTF requirement by the corporate practice, licensee or fund; or fails to take reasonable steps to prevent such a breach; fails, without reasonable excuse, to comply with a requirement imposed by a CPA inspector or CPA investigator; fails to comply with- any regulation made or any direction lawfully given by the AFRC; or the provisions of any bylaw or rule made or any direction lawfully given by the Council of the HKICPA; is negligent in the conduct of the professional person’s profession; is guilty of professional misconduct; or is guilty of dishonourable conduct (or, in the case of a corporate practice, does or omits to do something that, if the person were an individual CPA, would reasonably be regarded as being dishonourable conduct).
Inspection Committee
He has chaired the Hong Kong Institute of Certified Public Accountants Financial Reporting Standards Committee and has also been a member of the Standing Committee on Company Law Reform, the Stock Exchange Listing Committee, the Securities and Futures Appeals Tribunal, the Quality Assurance Council of the University Grants Committee, the Hong Kong Council for the Accreditation of Academic and Vocational Qualifications and the IFRS Advisory Council. ... 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.
FRC issues its 2019-21 Annual Report
By explaining our work and achievements transparently in the Report, we believe that our stakeholders and members of the public will be able to understand the work we have done to uphold the quality of financial reporting and safeguard the public interest.”
AFRC welcomes the Government’s support for a funding injection
In the meantime, the AFRC will continue to prioritise its work, flexibly allocate manpower, and exercise strict control over its expenditure to maintain the current regulatory standards and to work with the Government to establish a long-term sustainable financing model to ensure the effective discharge of its regulatory responsibilities in protecting the public interest, upholding financial reporting quality and fostering a healthy and sustainable development of the accounting profession.
AFRRT dismisses the out-of-time review application of Lam Kin Choi and stresses the importance of complying with statutory deadlines
Lam’s non-cooperation obstructed the AFRC from properly discharging its regulatory functions and hampered its ability to monitor and uphold audit quality. The AFRC imposed sanctions on Lam and published the Press Release on 28 May 2024 after communicating the decision to Lam and upon the expiry of the 21-day period prescribed under the AFRCO for making a review application.
CEO's Speech at LegCo Panel on Financial Affairs on 2021-22 budget
This reflects implementation of a new competency and performance management system to support our recruitment, development and retention of high quality staff, who are essential to our effective performance. Reinstating conference and duty visits to the Mainland at a cost of HK$580,000 reflects the regulatory significance of the audit work carried out there and is critical to relationship development with the Mainland regulators and Bureaux.
Manager (Contract)
Create high-quality content including annual reports, social media posts, press releases, newsletters, speeches, presentations and maintain messaging and brand consistency across all channels.
AFRC issues 2023 Oversight Report on HKICPA’s Performance of Specified Functions
The Report identified eleven findings and provided a set of observations for the HKICPA to drive improvement, covering the following themes: Embracing a holistic approach; Optimising resource utilisation; and Enhancing quality control. The Report also provided further recommendations for each of these findings based on a thorough analysis of their impact.