Showing 81 - 88 of 282 results
Reports
Reports Inspection 2022 Annual Inspection Report Audit Corporate Governance Quality Management System 11 July 2023 Policy and Governance 2023 Survey Report on the Implementation of Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors Audit Auditor Changes Corporate Governance 24 March 2023 Policy and Governance Audit Fees Paid by Listed Companies in Hong Kong in 2020/2021 Audit Auditor Changes Corporate Governance Financial Reporting 24 March 2023 Inspection Follow-up Open Letter on Auditor Changes Audit Auditor Changes Corporate Governance 11 January 2023 Inspection Audit Focus: 2022 financial year-end audits reminders Audit Auditor Changes Quality Management System 22 December 2022 Oversight 2022 Oversight Report on HKICPA’s Performance of the Specified Functions Audit Financial Reporting 15 November 2022 Inspection 2022 Interim Inspection Report Audit Quality Management System 15 November 2022 Inspection New and revised quality management standards follow-up survey on implementation progress by PIE Auditors Quality Management System 10 November 2022 Inspection Open letter regarding late auditor resignations Auditor Changes 27 October 2022 Investigation and Compliance 2022 Annual Investigation and Compliance Report Audit Financial Reporting 20 October 2022 Inspection 2021 Annual Inspection Report Audit Quality Management System 23 June 2022 Inspection An External Auditor’s Guide to Performing Root Cause Analysis Audit Quality Management System 17 June 2022
Press Releases
Press Releases AFRC issues a follow-up open letter to reiterate expectations on auditor changes 11 January 2023 AFRC welcomes the Government’s appointments to the Process Review Panel 27 December 2022 Audit Focus for 2022 year-end audit 22 December 2022 AFRC stresses the integrity of Hong Kong’s accounting regulatory regime 16 December 2022 AFRC urges CPAs (Practising), CPA Firms and Corporate Practices to renew registrations by 15 December 2022 8 December 2022 AFRC publishes the Complaint Guidelines 7 December 2022
Policy, Registration and Oversight Committee
Mr Keith Lui Kei Kwong Chairman From 2019-10-01 Current appointment expires on 2026-09-30 Mr Keith Lui Kei Kwong Chairman From 2019-10-01 Current appointment expires on 2026-09-30 Mr Lui was the Executive Director (August 2006 – August 2019) of the Supervision of Markets Division of the Securities and Futures Commission (SFC). ... Mr Stephen Hung, MH Member From 2019-10-01 Current appointment expires on 2026-09-30 Mr Stephen Hung, MH Member From 2019-10-01 Current appointment expires on 2026-09-30 Mr Hung is a Past President of the Law Society of Hong Kong. ... Prof Wayne Yu Member From 2021-10-01 Current appointment expires on 2027-09-30 Prof Wayne Yu Member From 2021-10-01 Current appointment expires on 2027-09-30 Prof Yu is a professor at the City University of Hong Kong.
Press Releases
Press Releases Navigating economic uncertainty: Insights for 2024 year-end audits 9 October 2024 AFRC calls on auditors and audit committees to strengthen independence safeguards around procurement and purchases from audit clients 4 October 2024 AFRC 2024 Oversight Report identifies improvement areas for the HKICPA to support the development of the accounting profession 16 September 2024 Maintaining the Quality of Cross-Border Audit Services 13 September 2024 AFRC welcomes the Government’s appointment and reappointment of Non-Executive Directors 12 September 2024 AFRC reprimands Ting Ho Kwan & Chan and three others for serious audit breaches and imposes fines over HK$1.7 million 9 September 2024
Reports
Reports Inspection Key Observations from the AFRC Survey 2025 Audit Quality Management System 2 June 2026 Inspection Anti-Money Laundering and Counter-Terrorist Financing - Frequently Asked Questions on Suspicious Transaction Reporting Anti-Money Laundering and Counter-Terrorist Financing 7 May 2026 Policy and Governance Transparency Reports: Building Trust and Unlocking Audit Excellence Audit Corporate Governance Quality Management System 16 February 2026 Inspection Checkpoint - Information Produced by the Entity for Use as Audit Evidence Audit 18 December 2025 Policy and Governance Global Developments in Audit Regulation: Key Insights for Hong Kong Audit Corporate Governance Quality Management System 7 November 2025 Inspection Audit Focus: 2025 Year-End Audits Audit Corporate Governance Quality Management System 3 October 2025 Inspection Audit Focus: 2025 Year-End Audits - Financial Services Sector Audit 3 October 2025 Oversight 2024-25 Oversight Report on HKICPA’s Performance of Specified Functions Audit Financial Reporting 20 August 2025 Policy and Governance Upholding Trust in Capital Markets: Maintain Healthy Practices in Auditor Appointments and Audit Fee Setting Audit Auditor Changes Corporate Governance 31 July 2025 Investigation and Compliance 2024-25 Annual Investigation and Compliance Report Audit Financial Reporting 1 July 2025 Inspection 2024-25 Annual Inspection Report Audit Corporate Governance Quality Management System 1 July 2025 Policy and Governance How Should Auditors Consider Tariff Disruptions in Audits?
AFRC advocates the value of transparency reports in driving trust and market confidence
The article explains how relevant and meaningful disclosures assists audit committees and investors in making informed decisions regarding auditor appointments, while supporting the development of high-performing audit teams. ... As these measures are not always visible to audit committees and investors, this can result in auditor appointment or reappointment decisions being disproportionately influenced by audit fees, rather than by an informed assessment of an audit firm’s audit quality. ... I encourage registered public interest entity auditors to proactively publish transparency reports.
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
To reflect our riskbased and proportionality approach to inspection, the AFRC inspected: 20 (or 44%) PIE auditors, covering 56 PIE engagements and 17 non-PIE engagements 13 (or 0.5%) non-PIE auditors, covering 25 non-PIE engagements The number of firms inspected increased by 27%, and engagements inspected increased by 61% year-on-year. ... To provide greater transparency to the public, we published a full list of PIE auditors subject to our inspection for the first time. This enhanced disclosure should: Enable PIEs and audit committees to make informed decisions about the appointment and re-appointment of auditor by engaging with audit firms regarding their inspection results; and Increase PIE auditors’ public accountability which should help promote healthy market development when firms strive for continuous improvement.
AFRC urges CPAs (Practising), CPA Firms and Corporate Practices to renew registrations by 15 December 2022
This includes holding any appointment or rendering any services, whether paid or unpaid, as an auditor of a company under the Companies Ordinance (Cap. 622) or as an auditor of accounts for the purposes of any other ordinance (“ statutory audits ”). ... The registers of CPAs (practising), CPA firms and corporate practices are available for public inspection on the AFRC website under “Find an Auditor”.