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Chairman and CEO's opinion piece: Getting an audit wrong can have profound consequences for credibility

Supervision and accountability In Hong Kong, auditors are independently supervised by the Accounting and Financial Reporting Council. ... It requires technical excellence and principled leadership — professionals with the integrity, skepticism, and courage to challenge management when it matters most. Auditors are gatekeepers, guided by rigorous professional standards and sound judgment.

Effective cross-boundary cooperation between the Supervision and Evaluation Bureau of the PRC Ministry of Finance and the FRC

This demonstrates that the MoU works well for the FRC to extend our cross-boundary auditor regulatory functions through the cooperation with the SEB.

FRC publishes articles with IFEC to educate retail investors

The FRC takes it as our responsibility to educate the public on essential financial reporting and audit knowledge, thereby enabling them to understand the key messages and implications embedded in the financial statements and the auditor’s report. We will continue to collaborate with the IFEC to roll out more initiatives in future to promote financial literacy among the public.”

Whistleblowing

Whistleblowing You may have acquired information about wrongdoing or misconduct as an employee working under a certified public accountant registered with the Hong Kong Institute of Certified Public Accountants, an auditor registered with or recognized by the Accounting and Financial Reporting Council (AFRC) or a listed entity, or through working with them, or from sources close to them.

AFRC Hosts Landmark Regional Regulatory Forum 2024 to Restore Public Trust in the Accounting and Audit Profession

AFRC Hosts Landmark Regional Regulatory Forum 2024 to Restore Public Trust in the Accounting and Audit Profession 2 December 2024 The Accounting and Financial Reporting Council ( AFRC ) hosts the Regional Regulatory Forum ( RRF ), the first-ever forum organised by an auditor regulator for both regulators and the regulated markets of the accounting profession.

CEO's Speech at LegCo Panel on Financial Affairs on 2021-22 budget

In 2021-22, we will be consolidating our rapid growth, which was necessary in 2019- 21 to transform the FRC into Hong Kong's full-fledged independent auditor regulator. Our headcount reflects that growth.

AFRC reprimands BOFA CPA Limited for improperly backdating audit working papers and imposes a pecuniary penalty

This raises concerns as to whether the auditor had actually performed the necessary audit planning work at the time of the audits.

AFRC Proposes Mandatory Sustainability Assurance to Strengthen Hong Kong’s Role as a Leading Green Finance Hub

Subject to the aforementioned consultations, all in-scope entities must obtain limited assurance in phases: • Phase 1 : Scope 1 and 2 greenhouse gas emission disclosures from thethird financial year of the Mandatory HKSDS Reporting; and • Phase 2 : All remaining HKSDS-mandatory disclosures from the fifth financial year of the Mandatory HKSDS Reporting Mandatory assurance must be provided by registered sustainability assurance providers (SAPs) comprising either: • Registered local public interest entity auditors that meet additional criteria; or • Accredited local non-CPA firms that meet similar criteria.

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