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Corporate Practice

Corporate Practice Registration of corporate practices A company intending to perform statutory audits in Hong Kong is required to be registered with the AFRC as a corporate practice.

CPA Firm

CPA Firm Registration of CPA firms A CPA (practising) or a firm of CPAs (practising) practising accountancy in partnership intending to perform statutory audits in Hong Kong under a firm name is required to be registered with the AFRC as a CPA firm.

FRC Announces Appointment of Deputy CEO

She has extensive regulatory knowledge and experience in financial reporting and auditing. She is a former member of the Financial Reporting Standards Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA).

AFRC welcomes the 2023-24 Annual Report and new appointments of the Process Review Panel

In the 2023-24 review cycle, the PRP reviewed the AFRC’s handling of: inspections on six practice units and PIE auditors and seven audit engagements; 13 complaint, enquiry and/or investigation cases; four applications for issuance of practising certificate or registration; and the oversight of the Hong Kong Institute of Certified Public Accountants’ specified functions.

SFC and AFRC join forces to combat misconduct by listed issuers

It also sets out the conduct standards and practices that listed issuers, their directors, audit committees and auditors should adhere to in relation to loans and similar arrangements.

Investigations

For details, please refer to: Investigation Policy Statement for PIE Auditors, Non-PIE Auditors and Registered Responsible Persons Investigation Policy Statement for Professional Persons Investigation Policy Statement (in relation to audits or the preparation of specified reports completed for listed entities before 1 October 2019) .

FRC welcomes the passage of the Financial Reporting Council (Amendment) Bill 2021

Under the newly enacted legislation, the FRC will assume the following regulatory functions from the Hong Kong Institute of Certified Public Accountant (“HKICPA”) in respect of the accounting profession in Hong Kong: i. issuance of practising certificates to certified public accountants (CPAs); ii. registration and inspection of practice units; iii. investigation and discipline of all CPAs, certified public accountants (practising) and practice units; and iv. overseeing the remaining statutory functions of the HKICPA: a) setting of requirements for and provision of continuing professional development; b) setting of standards of professional ethics, and setting of accounting and auditing standards; and c) registration of CPAs including conducting qualifying examinations for CPAs and mutual and reciprocal recognition of accountants with overseas accountancy bodies.

FRC and HKICPA sign Revised Statement of Protocol on Oversight Arrangement to reflect broader oversight by the AFRC

The AFRC will oversee the following HKICPA’s statutory functions: i. ascertaining the qualification for registration as CPAs by conducting examinations; ii. registering CPAs; iii. arranging for mutual or reciprocal recognition of accountants; iv. setting continuing professional development (CPD) requirements for CPAs; v. issuing or specifying standards on professional ethics, and accounting, auditing and assurance practices for CPAs; and vi. providing training for qualifying as and the CPD of CPAs.

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