Showing 73 - 80 of 282 results
Press Releases
Press Releases FRC Announces Appointment of Deputy CEO 17 February 2021 FRC Acts on Deloitte China Whistle-blower Allegations 11 February 2021 FRC expresses heartfelt gratitude to retiring Chairman and Members of the Process Review Panel (PRP) and welcomes the Government’s appointments to the PRP 31 December 2020 FRC issues first regulatory reports 11 December 2020 Financial Reporting Council publishes Guideline on notification of changes in auditor appointments 4 December 2020 Effective cross-boundary cooperation between the Supervision and Evaluation Bureau of the PRC Ministry of Finance and the FRC 3 December 2020
Press Releases
Press Releases AFRC advocates healthy practices in auditor appointments and audit fee setting to safeguard public trust 31 July 2025 AFRC presents key findings and insights from its Inspection and Investigation & Compliance Reports to strengthen Transparency, Regulation, and Development 29 July 2025 AFRC welcomes new appointments and reappointments to the Financial Reporting Review Panel and expresses heartfelt gratitude to retiring members 11 July 2025 AFRC issues 2024-25 Annual Report 9 July 2025 AFRC announces appointment of new Honorary Advisers 30 June 2025 AFRC reprimands Wu Kam Shing for CPA misconduct and imposes pecuniary penalty of HK$200,000 following insider dealing determination 27 June 2025
Guidance Materials
Guidance Materials Policy and Governance Registration Inspection Investigation and Compliance Discipline Policy and Governance Registration Inspection Investigation and Compliance Discipline Policy and Governance Guidance Notes on Change of Auditors Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors Embracing an AI-empowered Future for the Accounting Profession Registration Guide for the Registration of PIE Auditors Guide for the Issuance of Practising Certificates Guide for the Registration of Firm Names and Firms Guide for the Registration of Corporate Practices Guide for the Recognition of PIE Auditors Policy Statement for the Issuance of Practising Certificates Policy Statement for the Registration of Firm Names and Firms Policy Statement for the Registration of Corporate Practices Policy Statement for the Registration of PIE Auditors Policy Statement for the Recognition of Overseas Auditors Inspection Guideline on Notification of Change in Auditor Appointment* Outline of the AFRC’s Inspection Process for PIE Auditors Outline of the AFRC’s Inspection Process for Practice Units that are not PIE Auditors Policy Statement for Inspection of PIE Auditors with respect to PIE Engagements Policy Statement for Inspection of Practice Units with respect to compliance with AntiMoney Laundering and CounterTerrorist Financing Requirements Policy Statement for Inspection of Practice Units with respect to engagements other than PIE Engagements Investigation and Compliance 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) Enquiry Policy Statement for Listed Entities Discipline Outline of the AFRC’s Disciplinary Process Guidance Note on Cooperation with the AFRC Discipline Policy Statement for PIE Auditors and Registered Responsible Persons Discipline Policy Statement for Professional Persons Sanctions Policy for PIE Auditors and Registered Responsible Persons Sanctions Policy for Professional Persons Guidelines for Exercising the Power to Impose a Pecuniary Penalty for PIE Auditors and Registered Responsible Persons* Guidelines for Exercising the Power to Impose a Pecuniary Penalty for Professional Persons* Guidelines published in the Gazette pursuant to sections 13 and/or 37H of the Accounting and Financial Reporting Council Ordinance (Cap. 588) are marked with an asterisk (*).
Press Releases
Press Releases The importance of regulatory synergy in upholding financial reporting and audit quality 28 August 2024 Regulatory Collaboration Enhances Effectiveness in Audit Regulation 2 August 2024 AFRC welcomes the appointments to the Advisory Committee of the Accounting and Financial Reporting Council and expresses heartfelt gratitude to retiring member 26 July 2024 AFRC expects full compliance by auditors with relevant laws and regulations 16 July 2024 AFRC welcomes new appointments and reappointments to the Financial Reporting Review Panel and expresses heartfelt gratitude to retiring members 12 July 2024 2023 Annual Inspection Report emphasises the pivotal roles of the firm’s leadership in upholding audit quality and reinforces the importance of continuous learning as a key driver of improvement 11 July 2024
Advisory Committee
David Tak Kei Sun, GBS, JP Chairman From 2025-01-01 Current appointment expires on 2026-12-31 Dr. David Tak Kei Sun, GBS, JP Chairman From 2025-01-01 Current appointment expires on 2026-12-31 Dr. ... Mr Stephen Fung Sing-hong Member from 2022-08-01 Current appointment expires on 2026-07-31 Mr Stephen Fung Sing-hong Member from 2022-08-01 Current appointment expires on 2026-07-31 Mr Fung is the Chairman of Magical Asia Capital Limited.
Financial Reporting Review Panel
In June 2016, Mr Lo was appointed as a Hong Kong Accounting Advisor by the Ministry of Finance of The People's Republic of China and was re-appointed in July 2019. ... Prior to joining the investment banking industry, Mr Chung had worked at a multinational accounting firm as an auditor for over 2 years. Ms Fanny Hsiang Yuet-ming Member From 2025-07-16 Current appointment expires on 2028-07-15 Ms Fanny Hsiang Yuet-ming Member From 2025-07-16 Current appointment expires on 2028-07-15 Ms Hsiang served as the Head of the Technical & Training Department at BDO Hong Kong for over a decade. ... Ng was past President of the Society of Chinese Accountants & Auditors. Prof Wang Xin Member From 2020-07-16 Current appointment expires on 2026-07-15 Prof Wang Xin Member From 2020-07-16 Current appointment expires on 2026-07-15 Prof Wang is currently a full professor of Accounting at The University of Hong Kong (HKU).
Press Releases
Press Releases AFRC sets out its position on documentation of an auditor’s work on “other information” included in the annual report of a listed entity 28 April 2023 AFRC issues the Audit Fee Report and 2023 Survey Report on the implementation of Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors 24 March 2023 AFRC’s Briefing at LegCo Panel on Financial Affairs on 2023-24 budget 17 March 2023 Celebrating a major milestone for the accounting profession – 50th anniversary of the accounting profession 2 March 2023 AFRC welcomes the Government’s 2023-24 Budget 22 February 2023 Joint statement on the designation “Fellow of the Hong Kong Institute of Certified Public Accountants (Practising)” 16 January 2023
FRC issues Guidelines for Effective Audit Committee and Report on Assessment of the HKICPA’s Performance of the Specified Functions
FRC issues Guidelines for Effective Audit Committee and Report on Assessment of the HKICPA’s Performance of the Specified Functions 16 December 2021 The Financial Reporting Council (FRC) today issues Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors (the Guidelines) and the FRC’s second Report on its Assessment of the HKICPA’s Performance of the Specified Functions (the Oversight Report). ... The Audit Committees have a duty to recommend for Board approval the appointment and reappointment of the auditor. ... Highlights of the Guidelines The Guidelines highlight two key factors that audit committees should consider in selecting and appointing auditors – audit quality and audit fees.