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Associate Director / Manager (Registration)

Policy, Registration and Oversight Associate Director / Manager (Registration) Responsibilities Evaluate and process applications for the issuance and renewal of practising certificates for certified public accountants ( CPA ), and for the registration of audit firms, corporate practices and Public Interest Entity ( PIE ) auditors. Lead or support the continuous enhancement of the AFRC's risk-based auditor registration policies, drawing on market research and regulatory developments in Hong Kong and internationally.

FRC joins IOSCO as an affiliate member

As Hong Kong’s independent regulator of auditors of listed entities, the FRC plays a unique and pivotal role in the regulation of the securities market of Hong Kong. ... Dr Kelvin Wong, Chairman of the FRC, said, “As the independent auditor regulator of Hong Kong, one of the leading capital markets in the world, the FRC recognises the importance of the global regulatory partners working closely together for the benefit of investors both globally and locally.

FRC’s Briefing at LegCo Panel on Financial Affairs on 2021-22 budget

At the briefing, Dr Kelvin Wong, Chairman of the FRC shared with Members how the FRC has contributed to the protection of investors and public interest through the effective performance of its expanded functions since the commencement of the new auditor regulatory regime on 1 October 2019. Mr Marek Grabowski, CEO of the FRC, presented the budget and explained that in 2021-22 the FRC would be consolidating its rapid growth in 2019-21, which had been necessary to transform the FRC into Hong Kong’s full-fledged independent auditor regulator. The budget recognised the need to optimise fiscal discipline in the current economic circumstances, but the FRC would still be able to deliver all of its statutory functions effectively.

FRC and The Exchange to strengthen collaboration

FRC and The Exchange to strengthen collaboration 8 June 2021 The Financial Reporting Council (FRC) and the Stock Exchange of Hong Kong Limited (the Exchange), a wholly owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today signed a new Memorandum of Understanding (MoU) to further strengthen collaboration between the two organisations, in ensuring the upholding of quality financial reporting by listed entities and their auditors. The new MoU replaces the one signed in 2007 and facilitates efficient and effective collaboration between the FRC and the Exchange in respect of the Financial Reporting Council Ordinance’s regulation of public interest entity auditors and the compliance by listed entities with regulatory requirements in financial reporting.

AFRC’s Briefing at LegCo Panel on Financial Affairs on 2023-24 budget

Dr Wong remarked, “With 115 passionate and competent staff, the AFRC has been able to overcome budget constraints and effectively discharge regulatory functions covering both Public Interest Entity (PIE) auditors and non-PIE practice units.” ... However, due to (i) fluctuation in the securities market turnover; (ii) the lower-than-expected PIE levy income from the PIE auditors; and (iii) the depletion of the Grant by the end of March 2024, the AFRC estimates an operating deficit of $77 million for 2023-24.

AFRC publishes Inspection Insights and an explanatory video on the inspection of non-PIE practice units to drive continuous improvements in audit quality

Our Insights is valuable to auditors and should enable them to achieve high audit quality when they learn and improve their systems of quality management ( SoQM ) and key aspects of the audit. ... Ms Lai stressed, “We urge auditors to benefit from our Insights by thoroughly reviewing it and taking our recommended actions to address their identified deficiencies and relevant issues. ... At the same time, we will also maintain our risk-based approach and initiate special inspections on PIE auditors with unsatisfactory inspection results to uphold audit quality, so as to effectively protect the public interest.”

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

Disciplinary decision in relation to Prism During the 2023 inspection of Prism, a Public Interest Entity ( PIE ) auditor, the AFRC identified multiple breaches of the AML Guidelines by the firm in the course of taking up various new engagements for carrying out certain specified services. ... In deciding the appropriate disciplinary sanctions, the AFRC has considered all relevant circumstances, including the nature and extent of non-compliance, the fact that Prism is a PIE auditor, the relatively limited frequency, duration and impact of the misconduct. ... For details of the decisions regarding DH&C and Ho, please refer to the Statement of Disciplinary Action . 1 Corporate practice and PIE auditor registration number: M0607.

AFRC advocates the value of transparency reports in driving trust and market confidence

The article explains how relevant and meaningful disclosures assists audit committees and investors in making informed decisions regarding auditor appointments, while supporting the development of high-performing audit teams. ... As these measures are not always visible to audit committees and investors, this can result in auditor appointment or reappointment decisions being disproportionately influenced by audit fees, rather than by an informed assessment of an audit firm’s audit quality. ... I encourage registered public interest entity auditors to proactively publish transparency reports.

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