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AFRC Announces the Retirement of CEO Mr Marek Grabowski
During his tenure, he oversaw the transformation of AFRC into Hong Kong’s independent regulator not only of listed entity auditors but also of the accounting profession.
Speeches and Presentations
Speeches and Presentations Acting CEO Ms Janey Lai's remarks at LegCo Panel on Financial Affairs on 2024-25 budget 5 February 2024 Chairman Dr Kelvin Wong’s remarks at LegCo Panel on Financial Affairs on 2024-25 budget 5 February 2024 Presentation for members of the Hong Kong Independent Non-Executive Director Association (HKiNEDA) relating to Guidelines on Selecting Auditors and Setting Audit Fees 28 November 2023 Chairman Dr Kelvin Wong’s remark at the Hong Kong Institute of Directors’s Annual Dinner cum Presentation of Directors Of The Year Awards 2023 23 November 2023 Chairman Dr Kelvin Wong’s presentation at the Chartered Institute of Management Accountants (CIMA) Annual Conference 2023 20 November 2023 Presentation on 2023 CPD Carnival Day 18 November 2023
FRC Investigates Victory City Financial Statements and Deloitte Audit
Deloitte was the auditor of the Victory City Annual Accounts and expressed an unmodified audit opinion on them. ... The FRC announces the initiation of investigations into financial reporting and audits of listed entities when considered necessary in the circumstances, for example, to protect the interests of shareholders or the investing public, to allay public concerns or to maintain public confidence in the system for independent auditor regulation.
Contact Us
Contact Us You are welcome to contact us by the following channels: Type Email address Tel Fax General enquiries, comments and suggestions [email protected] (852) 2810 6321 (852) 2810 6320 Complaints regarding accounting profession in Hong Kong [email protected] or click here to the Complaints page Whistleblowing [email protected] or click here to the Whistleblowing page Registration [email protected] (852) 3586 7800 Recognition of overseas auditors as PIE auditors [email protected] Please note that we do not accept walk-ins at our office. ... Information available The following information is available on the AFRC website: Background information on the AFRC, including its role, funding and organisation structure The AFRCO, the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) and Memoranda of Understanding signed with other regulators Information on the AFRC’s functions, including work procedures, operations statistics and the AFRC’s disciplinary decisions Publications, including quarterly reports, annual reports and press releases Public registers, including register of PIE Auditors, and register of CPAs (practising), CPA firms and corporate practices For access to other information, please forward your request to the Manager (Human Resources and Administration) of the AFRC.
AFRC reprimands and fines Forvis Mazars CPA Limited HK$1.4 million and Grant Thornton Hong Kong Limited HK$2.32 million for widespread and systemic failures to archive files on a timely basis
Audit documentation is the primary means by which auditors evidence their compliance with auditing standards. ... Audit documentation also provides the evidence by which both internal reviewers and external inspectors assess the quality of the work undertaken to support the auditor’s conclusions. Accordingly, audit documentation is of paramount importance for audits of all companies – PIE or otherwise. ... Timely archiving of audit documentation is a fundamental duty of auditors and an essential element of audit quality.
Press Releases
Press Releases AFRC takes first ever disciplinary actions against multiple practice units for non-compliance with anti-money laundering requirements and imposes fines totalling HK$290,000 5 March 2026 AFRC reprimands and fines Forvis Mazars CPA Limited HK$1.4 million and Grant Thornton Hong Kong Limited HK$2.32 million for widespread and systemic failures to archive files on a timely basis 3 March 2026 AFRC welcomes the Government’s 2026-27 Budget 25 February 2026 AFRC advocates the value of transparency reports in driving trust and market confidence 16 February 2026 AFRC issues open letter to PIE auditors on upholding audit quality and professional integrity amid rising IPO engagements 13 February 2026 Cross Agency Steering Group announces Strategic Priorities for 2026–2028 30 January 2026
Bogus Accountants
The AFRC would also emphasise the importance of complying with the registration requirements for PIE engagements; and has since sanctioned two registered PIE auditors for failing to register their respective engagement partners and/or engagement quality control reviewers (of the respective registered PIE auditors concerned) before undertaking any activities in such capacities. The AFRC found that the regulatees concerned, i.e. the registered PIE auditors, the unregistered engagement partners and the unregistered engagement quality control reviewers (who practised in such capacities without the required registrations) have contravened the relevant registration requirements; and has issued a public reprimand and imposed pecuniary penalties (including payment of the AFRC’s investigation costs and expenses) against them. ... Statistics related to the Complaints of bogus CPAs (updated as at 31 March 2026) Category Cases received Pursuable by the AFRC Non-pursuable by the AFRC Impersonating a CPA (practising) to provide audit services 8 7 1 Non-practice units, whether companies or individuals, claiming to provide audit services 12 8 4 Persons, not being a CPA (practising) or CPA firm, advertising or representing himself / itself as a CPA (practising) or CPA firm 12 7 5 Practice units, through intermediaries, undertaking audit engagements and providing services that do not meet professional standards 12 12 - CPA (practising) blindly signing auditor's reports 20 20 - Total number of cases 64 54 1 10 2 1 Out of the 54 cases, the majority of cases were subsequently closed with no follow-up action due to the lack of sufficient evidence to substantiate the allegations.
Press statement on cross-border collaboration on audit regulation among PRC’s Ministry of Finance, China Securities Regulatory Commission and the Public Company Accounting Oversight Board
As the independent auditor regulator of Hong Kong acting in the public interest, FRC has a statutory duty to improve the quality of audit reports of Hong Kong audit firms so as to protect investor interest and help promote public trust in the audit process and investor confidence in Hong Kong and other global capital markets.