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AFRC issues 2022 Interim Inspection Report and Report on Oversight of HKICPA regulatory functions
AFRC issues 2022 Interim Inspection Report and Report on Oversight of HKICPA regulatory functions 15 November 2022 The Accounting and Financial Reporting Council ( AFRC ) today issues its: (a) 2022 Interim Inspection Report on its inspections of public interest entity ( PIE ) auditors completed from 1 April 2022 to 30 September 2022; and (b) 2022 Oversight Report on its oversight of the performance by the Hong Kong Institute of Certified Public Accountants ( HKICPA ) of specified regulatory functions relating to PIEs and their auditors ( Specified Functions ) from 1 April 2021 to 31 March 2022. ... It also sets out our expectations of the respective duty of PIE auditors, directors and audit committees in upholding audit quality ahead of the imminent busy audit season. ... We are also concerned about the instances where we identified auditor violations of the independence rule under the Code of Ethics for Professional Accountants.”
Press Releases
Press Releases FRC issues Annual Investigation and Compliance Report and Interim Inspection Report 3 November 2021 Government welcomes passage of Financial Reporting Council (Amendment) Bill 2021 22 October 2021 FRC welcomes the passage of the Financial Reporting Council (Amendment) Bill 2021 22 October 2021 FRC Investigates Going Concern Reporting of China Evergrande 15 October 2021 Appointments to Financial Reporting Council 30 September 2021 FRC expresses profound gratitude to the retiring Non-Executive Directors (NEDs) and welcomes the Government’s Appointment/Reappointment of NEDs 30 September 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
Press Releases
Press Releases AFRC emphasises the importance of adherence to registration requirements for carrying out PIE engagements 17 January 2025 Driving quality improvement – Setting the right tone at the top for performing an effective root cause analysis and remediation 31 December 2024 AFRC welcomes the 2023-24 Annual Report and new appointments of the Process Review Panel 31 December 2024 AFRC reprimands BDO Limited and two others for serious audit breaches, imposes fines totalling HK$1.456 million and gives its first direction for additional CPD in disciplinary case 20 December 2024 AFRC Hosts Landmark Regional Regulatory Forum 2024 to Restore Public Trust in the Accounting and Audit Profession 2 December 2024 AFRC welcomes appointment of Chairman 8 November 2024
AFRC presents key findings and insights from its Inspection and Investigation & Compliance Reports to strengthen Transparency, Regulation, and Development
Many of these audits were conducted under tight timelines due to late changes in auditor appointments. These practices threaten both the independence of auditors and the quality of audits. Readiness of new PIE auditors entering the PIE market Inspection findings for new PIE auditors, especially Category C firms, reveal that a significant percentage of their inspected PIE engagements have received a rating of 4. ... “We are pleased to observe that an increasing number of PIE auditors are contributing to more informed governance decisions.
AFRC publishes global audit regulation study, reinforcing dedication to world‑class standards
This regulatory focus is essential to guide PIE auditors in meeting the rising stakeholder expectations and maintaining high standards of audit quality ... In Hong Kong, the AFRC has taken a calibrated approach, disclosing audit quality ratings for Category A firms in 2023 and extending this to Category B firms in 2024. 1 Nearly all inspected PIE firms have shared their engagement inspection findings with audit committees, supporting more informed auditor appointments. • Enhancing accountability through responsive, proportionate enforcement Audit regulators are refining their enforcement strategies to balance deterrence with remediation. ... Our aim is to provide constructive oversight that equips auditors to meet evolving challenges and sustain the standards that underpin confidence in Hong Kong’s financial system.” 1 Category A refers to registered Public Interest Entity (PIE) auditors with more than 100 PIE audit engagements; Category B refers to registered PIE auditors with 10 to 100 PIE audit engagements.
Press Releases
Press Releases FRC welcomes the appointment of Chairman and Board Members 26 September 2019 Completed investigation 26 September 2019 Completed investigation 12 September 2019 Completed investigation 12 September 2019 Completed investigation 12 September 2019 Completed investigation 8 July 2019
Press Releases
Press Releases FRC welcomes the appointment of Mr Christopher Hui as Secretary for Financial Services and the Treasury 20 April 2020 Completed investigation 14 April 2020 Completed investigation 14 April 2020 FRC publishes its 2019 Annual Report 24 March 2020 The Financial Reporting Council welcomes the Government’s 2020-21 Budget 26 February 2020 Completed investigation 7 February 2020