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Inspection Process

An inspector may also request the auditor to provide certain basic information to assist in planning the inspection, including but not limited to information about the engagements conducted by the auditor, the personnel performing the engagements, and the auditor's system of quality management. The inspection may be conducted in phases if the AFRC considers it necessary in the circumstances, and an inspector will notify the auditor accordingly. ... The inspector inspects the auditor's system of quality management, completed engagements and/or anti-money laundering and counter-terrorist financing policies and procedures principally through discussions and reviews of related documentation.

AFRC Proposes Mandatory Sustainability Assurance to Strengthen Hong Kong’s Role as a Leading Green Finance Hub

Key Proposals of the Framework The proposed framework seeks to promote high-quality assurance by adopting international standards; enhancing the credibility and reliability of sustainability disclosures; and ensuring a level playing field for all assurance providers. ... We are committed to working collaboratively with all stakeholders to develop a framework that delivers the highest standards of accountability and quality". Dr. David Sun, Chairman of the AFRC, remarked, "Global finance is being transformed by the net-zero transition and growing investor interest in sustainability.

IT Project Manager (Contract)

Monitor vendor performance and the timeliness and quality of their deliverables.

Registration

To ensure the high-quality and long-term sustainable development of the accounting profession, we implement a robust registration process that includes stringent vetting procedures.

FRC welcomes the appointment of Chairman and Board Members

The FRC will also be overseeing the performance of the Hong Kong Institute of Certified Public Accountants (HKICPA) of their functions in relation to auditors of listed entities including registration; setting of standards on professional ethics, auditing and assurance; and setting of continuing professional development requirements. Conducting policy research on audit and financial reporting issues, and promoting good corporate governance will also be one of the strategic focus of the organisation. ... The expanded powers and functions of the FRC are the fruition of the reform of Hong Kong’s auditor regulatory regime that aims at upholding the quality of financial reporting of listed entities in Hong Kong, strengthening investor protection and keeping Hong Kong’s status as a competitive international financial centre.

AFRC welcomes the appointments to the Advisory Committee of the Accounting and Financial Reporting Council and expresses heartfelt gratitude to retiring member

Dr Kelvin Wong, Chairman of the AFRC, remarked, “The role and impact of the AFRC is essential in contributing to the economic growth and competitiveness of Hong Kong as an international financial centre where quality financial reporting is pivotal.

Financial Reporting Review Panel

He was a partner in the Professional Practice Department of Ernst & Young Hong Kong, where his role included overseeing the firm’s audit quality. He is currently Chairman of the Audit and Assurance Standards Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA), and has also previously served on various committees and panels of regulatory bodies in Hong Kong. ... Mr Jim Tang Panel Convenor From 2019-07-16 Current appointment expires on 2028-07-15 Mr Jim Tang Panel Convenor From 2019-07-16 Current appointment expires on 2028-07-15 Mr Tang, together with other professionals in KPMG China's Department of Audit Quality and Professional Practice, specialises in supporting the firm and its clients with a wide range of IFRS/HKFRS financial reporting issues. ... In 2020, she was appointed Head of Audit & Assurance Quality Management at BDO Hong Kong, fulfilling both roles until her retirement in March 2025.

AFRC reprimands former CPAs, Mak Kwong Yiu, Chan Lai Yee and Wong Shuk On, for CPA misconduct and imposes fines totalling HK$760,000 following criminal convictions for conspiracy to defraud

Ms Hester Leung, Head of Discipline, said, “Professional accountants in business play a critical role in upholding strong corporate governance, effective internal controls and high-quality financial reporting.

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