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FRC Welcomes Government’s Announcement of Injection of Seed Capital of HK$ 400 Million for the FRC in the 2019-2020 Budget
With the enactment of the Financial Reporting Council (Amendment) Ordinance 2019 (the Ordinance) on 30[th] January this year, the FRC will become Hong Kong’s fully fledged independent auditor regulator, vested with direct powers of inspection, investigation, as well as discipline concerning auditors of listed entities. The FRC will also be overseeing the performance of the Hong Kong Institute of Certified Public Accountants of their functions in relation to auditors of listed entities including registration; standards in professional ethics, auditing and assurance; and continuing professional development requirements. Dr Kelvin Wong, Chairman of the FRC, remarked, “It is very encouraging to learn that our mission as Hong Kong’s independent auditor regulator is duly recognised by the Government.
Completed investigation
The FRC found that the auditor, the engagement director and the engagement quality control reviewer failed or neglected to observe, maintain or otherwise apply certain professional standards in the relevant audit in relation to impairment assessment of the exploration and evaluation assets and the intangible assets relating to the drilling, exploration, exploitation and production of oil and/or natural gas. The investigation revealed that the auditor and the engagement director failed to properly plan and/or perform the relevant audit, in relation to the above matters, in accordance with the relevant provisions of Hong Kong Standard on Auditing ( HKSA ) 330 The Auditor’s Responses to Assessed Risks; HKSA 500 Audit Evidence; HKSA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures ; and HKSA 620 Using the Work of an Auditor’s Expert .
Press Releases
Press Releases FRC issues its 2021-22 Annual Report 24 June 2022 FRC issues (i) Consultation Conclusions and (ii) the 2021 Annual Inspection Report 23 June 2022 FRC concludes that a listed entity failed to properly account for the interests in two investees and its auditor failed to identify the misstatements 20 April 2022 FRC finds that an auditor failed to obtain the evidence needed to evaluate the measurement and impairment assessment of goodwill arising from an acquisition 20 April 2022 FRC publishes survey of implementation progress by PIE Auditors for new and revised quality management standards 31 March 2022 FRC launches Engagement and Consultation Paper on further reform of the accounting profession 9 March 2022
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
Accounting and Financial Reporting Council
Find a PIE Auditor The register of registered PIE auditors is published by the AFRC for the purpose of enabling the public to ascertain whether they are dealing with a PIE auditor registered with the AFRC or a registered responsible person of such a PIE auditor and to ascertain their particulars. ... The AFRC also registers local auditors as Public Interest Entity (PIE) auditors and recognises eligible non-Hong Kong auditors as PIE auditors.
Accounting and Financial Reporting Council
Find a PIE Auditor The register of registered PIE auditors is published by the AFRC for the purpose of enabling the public to ascertain whether they are dealing with a PIE auditor registered with the AFRC or a registered responsible person of such a PIE auditor and to ascertain their particulars. ... The AFRC also registers local auditors as Public Interest Entity (PIE) auditors and recognises eligible non-Hong Kong auditors as PIE auditors.
FRC Welcomes the Passage of Financial Reporting Council (Amendment) Bill 2018
When the Bill takes effect the FRC will become Hong Kong’s only independent auditor regulator, vested with direct powers of inspection, investigation, as well as discipline concerning auditors of listed entities. The FRC will also be overseeing the performance of the Hong Kong Institute of Certified Public Accountants of their functions for registration; standards in professional ethics, auditing and assurance; and continuing professional development requirements in relation to auditors of listed entities. ... With a market capitalisation of over HK$30 trillion and over 2,200 listed entities, Hong Kong needs an independent auditor regulatory regime that will help bridge the long due gap of investor protection and further strengthen Hong Kong’s reputation as a competitive international financial centre.”
Audit Focus - Importance of effective audit planning
Ms Janey Lai, Head of Inspection, stresses acutely, “Our 2020-22 inspection results reveal that many auditors underestimated the significance of effective audit planning. Engagements for which auditors failed to allocate sufficient time and resources to planning were more prone to significant audit deficiencies and poor audit quality. ... It is therefore imperative for management and audit committees to engage auditors earlier and develop a comprehensive audit plan.”