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Financial Reporting Council publishes Guideline on notification of changes in auditor appointments
Financial Reporting Council publishes Guideline on notification of changes in auditor appointments 4 December 2020 (4 December 2020, Hong Kong) The Financial Reporting Council (FRC) today published its Guideline on the notification of changes in auditor appointments, which will become effective on 1 February 2021. The Guideline requires auditors of listed entities to provide the FRC with up to date information on their appointments as auditor to PIEs and of any changes in those appointments. ... Mr Marek Grabowski, CEO of the FRC remarked, “The FRC issued the Guideline to enable us to receive timely and accurate information on changes in auditor appointments and strengthen the effectiveness of our inspections.
AFRC urges auditors and audit committees to follow Guidance Notes on Change of Auditors
AFRC urges auditors and audit committees to follow Guidance Notes on Change of Auditors 28 September 2023 The Accounting and Financial Reporting Council ( AFRC ) has been closely monitoring the phenomenon of late auditor resignations and its adverse impact on audit quality. In view of the remaining concerns arising from the issue, the AFRC published today the paper titled “ AFRC Addresses Concerns Surrounding Auditor Changes ” (“the Paper”) and the Guidance Notes on Change of Auditors (“the Guidance Notes”). ... To help PIE auditors and audit committees navigate such situations, the AFRC publishes the Guidance Notes which articulate our expectations of PIE auditors and audit committees when changing auditors.
AFRC issues a follow-up open letter to reiterate expectations on auditor changes
AFRC issues a follow-up open letter to reiterate expectations on auditor changes 11 January 2023 The Accounting and Financial Reporting Council ( AFRC ) today issues a follow-up open letter ( the follow-up letter ) to public interest entity ( PIE ) auditors and audit committees of PIEs to express its concerns and reiterate its expectations on auditor changes. ... Nonetheless, we remain concerned about certain market developments (such as the use of voluntary rotation under the guise of good corporate governance as a reason for changing auditors), and their implications on audit quality as well as on the wider issue of market discipline such as opinion shopping. ... “Corporate governance considerations” is misused as a reason for auditor resignation. Premature announcements regarding the appointment of an incoming auditor.
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Financial Reporting Council welcomes the consultation conclusions on proposed rule changes relating to disclaimer or adverse audit opinion on issuer’s financial statements published by The Stock Exchange of Hong Kong Limited
Financial Reporting Council welcomes the consultation conclusions on proposed rule changes relating to disclaimer or adverse audit opinion on issuer’s financial statements published by The Stock Exchange of Hong Kong Limited 24 May 2019 The Financial Reporting Council (FRC) welcomes the consultation conclusions on the proposed rule changes relating to disclaimer or adverse audit opinion on issuer’s financial statements published by the The Stock Exchange of Hong Kong Limited (the Exchange) today. The FRC firmly believes that high quality auditing by auditors and reliable financial reporting by issuers combined play a pivotal role in protecting investor’s interest. ... We believe that the revised proposal by the Exchange will foster a constructive and proactive working relationship between PIE auditors and their clients where auditors can duly, fairly, and independently discharge their statutory duty in relation to financial reports prepared by the issuers.
FAQs - Corporate Practice
You are required to complete and submit “Notification for Change in Particulars of a Corporate Practice” (Form CP-3) through the AFRC Online Registration System with all necessary supporting documents within 14 days of the change. Where a corporate practice changes its address of registered office, the notification should be accompanied by the following documents: documentary evidence to prove the ownership of the property such as land search results, if the corporate practice is the landlord of the registered office; a letter of consent from the landlord or leaseholder authorising the use of his or her or its premises as the corporate practice’s registered office, if the corporate practice is not the landlord of the registered office; a copy of the board resolution of the corporate practice sanctioning the change of registered office; a copy of Form NR1 – Notice of Change of Address of Registered Office as submitted to the Companies Registry; and a copy of the Business Registration Certificate bearing the new address of registered office. 6. ... Please advise what are the notification requirements for such change. You are required to complete and submit “Notification for Change in Particulars of a Corporate Practice” (Form CP-3) through the AFRC Online Registration System with supporting documents within 14 days of the change to inform the AFRC of details of the outgoing practising member director.
FAQs - Inspection
How often will auditors be subject to inspection? ... PIE auditors that audit more than 100 PIEs will be inspected annually. ... Can an PIE auditor request a change to the inspection visit date specified in the notification letter?
FAQs - Local PIE Auditor
FAQs - Local PIE Auditor Registered PIE Auditor 1. ... Under the AFRCO, only a practice unit registered with the AFRC as a registered PIE auditor under Division 2 of Part 3 of the AFRCO or an overseas auditor Recognized by the AFRC as a Recognized PIE auditor under Division 3 of Part 3 of the AFRCO may carry out PIE engagements. ... A registered PIE auditor must notify the AFRC if a registered responsible person of the auditor ceases to be a responsible person of the auditor within 14 days of the change.