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FRC Press Statement on New Inspection Regime of the Companies Register
Under both Hong Kong and international standards on auditing, in performing an audit engagement including one for a listed entity, an auditor must obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level, thereby enabling the auditor to draw a reasonable conclusion on which to base the auditor’s opinion. Whether sufficient appropriate audit evidence has been obtained for the auditor to do so is a matter of professional judgment. In any audit process concerning transactions with directors, it should not be assumed that a director’s URA and IDN alone would be sufficient appropriate audit evidence, and an auditor must take note of other corroborative or contradictory information before reaching an audit conclusion.
AFRC sets out its position on documentation of an auditor’s work on “other information” included in the annual report of a listed entity
In doing so, the Auditor copied marks noted in the earlier version indicating audit work performed on the other information to the final version. The AFRC’s position Auditors should ensure that the audit documentation always meets both the requirements and objectives of the HKSAs. ... Including the final version of the other information in the audit documentation enables an external inspector to evaluate whether the auditor had in fact obtained the other information as later published prior to the date of the auditor's report by comparing the version included in the audit documentation with the published version of the other information.
Speeches and Presentations
Speeches and Presentations Presentation on a webinar delivered to members of the Society of Chinese Accountants and Auditors (SCAA) relating to Guidelines on selecting auditors and setting audit fees 19 June 2023 Chairman Dr Kelvin Wong’s presentation at Hong Kong Chartered Governance Institute (HKCGI)’s Annual Corporate and Regulatory Update 9 June 2023 Presentation for members of the Hong Kong Securities and Investment Institute (HKSI) relating to Best Practices in Corporate Governance in Selecting Auditors and Setting Audit Fees 24 May 2023 Presentation on a webinar delivered to members of the Hong Kong Chartered Governance Institute (HKCGI) 18 May 2023 Presentation on a webinar delivered to members of the CPA Australia relating to Guidelines on auditor selection and audit fees 16 May 2023 Presentation on common valuation-related audit deficiencies at HKICPA discussion forum 28 April 2023
Press Releases
Press Releases FRC Investigates Victory City Financial Statements and Deloitte Audit 19 March 2021 FRC issues Overview of the Market for Listed Entity Audits in Hong Kong 11 March 2021 FRC’s Briefing at LegCo Panel on Financial Affairs on 2021-22 budget 1 March 2021 SFC and FRC to enhance collaboration 25 February 2021 FRC Welcomes Government's Budget 24 February 2021 FRC Initiates Investigation into Audits of Convoy for 2017 to 2019 23 February 2021
Press Releases
Press Releases AFRC publishes global audit regulation study, reinforcing dedication to world‑class standards 7 November 2025 AFRC announces appointment of new Honorary Advisers 22 October 2025 AFRC reprimands PricewaterhouseCoopers and two others for multiple audit deficiencies and imposes fines totalling HK$1.6 million 16 October 2025 AFRC to Organise Regional Regulatory Forum in Hong Kong for the Accounting and Auditing Profession 14 October 2025 AFRC acknowledges the contributions of retiring Non-Executive Directors (NEDs) and welcomes the Government's appointment and reappointment of NEDs 26 September 2025 AFRC supports the Chief Executive’s 2025 Policy Address 17 September 2025
Speeches and Presentations
Speeches and Presentations AFRC Chairman Dr Kelvin Wong’s presentation at ACCA HK Annual Conference 2023 9 September 2023 Presentation on 2023 Annual Investigation and Compliance Report 4 September 2023 Chairman Dr Kelvin Wong’s opening speech at Enterprise Asia Linchpin of Asia Awards 2023 28 July 2023 A webinar delivered to members of the Chartered Institute of Management Accountants (CIMA) relating to Guidelines on selecting auditors and setting audit fees 13 July 2023 A webinar delivered to members of the Hong Kong Institute of Directors (HKIoD) relating to Guidelines on selecting auditors and setting audit fees 11 July 2023 Presentation on a webinar delivered to members of the Association of Chartered Certified Accountants (ACCA) relating to Guidelines on selecting auditors and setting audit fees 4 July 2023
FRC welcomes the Government’s appointment of the Chief Executive Officer and Executive Director of the FRC
A veteran in the accounting profession, Mr Grabowski was the Director of Audit Policy of the Financial Reporting Council of the United Kingdom (UK FRC) whereby he led the development and maintenance of the standards for auditing, assurance and professional ethics for auditors and reporting accountants. Prior to joining the UK FRC in 2010, he was a Partner of an international accounting firm for 20 years, taking up technical, audit and capital markets transaction reporting roles in the UK and overseas.
Press Releases
Press Releases AFRC issues 2023-24 Annual Report 31 October 2024 Overview of the non-public interest entity audit market 30 October 2024 AFRC Reinforces Commitment to Financial Reporting Integrity in Hong Kong 29 October 2024 AFRC highlights impact of current economic conditions on financial reporting and audit practices 21 October 2024 AFRC welcomes the Chief Executive’s 2024 Policy Address 16 October 2024 AFRC Congratulates Chairman on New Role 14 October 2024