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SFC and FRC to enhance collaboration
Under the new MoU, which took effect yesterday, the SFC and the FRC agreed to foster closer cooperation in the regulation of the securities and futures market, particularly in relation to the regulation under their respective supervisory regimes of listed entity auditors and compliance by listed entities with financial reporting requirements. The enhanced collaboration between the SFC and the FRC under the new MoU, which includes case referrals, joint investigations, mutual assistance, capacity building and the exchange and use of information, will increase the overall effectiveness of both regulators in ensuring the quality of financial reporting by listed entities and the audit quality of listed entity auditors. It will also help maintain the integrity of Hong Kong’s capital market and its reputation as an international financial centre.
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Press Releases
Press Releases Navigating economic uncertainty: Insights for 2024 year-end audits 9 October 2024 AFRC calls on auditors and audit committees to strengthen independence safeguards around procurement and purchases from audit clients 4 October 2024 AFRC 2024 Oversight Report identifies improvement areas for the HKICPA to support the development of the accounting profession 16 September 2024 Maintaining the Quality of Cross-Border Audit Services 13 September 2024 AFRC welcomes the Government’s appointment and reappointment of Non-Executive Directors 12 September 2024 AFRC reprimands Ting Ho Kwan & Chan and three others for serious audit breaches and imposes fines over HK$1.7 million 9 September 2024
Press Releases
Press Releases The importance of regulatory synergy in upholding financial reporting and audit quality 28 August 2024 Regulatory Collaboration Enhances Effectiveness in Audit Regulation 2 August 2024 AFRC welcomes the appointments to the Advisory Committee of the Accounting and Financial Reporting Council and expresses heartfelt gratitude to retiring member 26 July 2024 AFRC expects full compliance by auditors with relevant laws and regulations 16 July 2024 AFRC welcomes new appointments and reappointments to the Financial Reporting Review Panel and expresses heartfelt gratitude to retiring members 12 July 2024 2023 Annual Inspection Report emphasises the pivotal roles of the firm’s leadership in upholding audit quality and reinforces the importance of continuous learning as a key driver of improvement 11 July 2024
Press Releases
Press Releases AFRC advocates healthy practices in auditor appointments and audit fee setting to safeguard public trust 31 July 2025 AFRC presents key findings and insights from its Inspection and Investigation & Compliance Reports to strengthen Transparency, Regulation, and Development 29 July 2025 AFRC welcomes new appointments and reappointments to the Financial Reporting Review Panel and expresses heartfelt gratitude to retiring members 11 July 2025 AFRC issues 2024-25 Annual Report 9 July 2025 AFRC announces appointment of new Honorary Advisers 30 June 2025 AFRC reprimands Wu Kam Shing for CPA misconduct and imposes pecuniary penalty of HK$200,000 following insider dealing determination 27 June 2025
Press Releases
Press Releases AFRC welcomes and supports the Government consultation on proposal for legislation under Article 23 of the Basic Law 5 February 2024 AFRC highlights the importance of continuous professional development in ensuring audit quality and managing talent 8 January 2024 Audit Focus for 2023 year-end audit 22 December 2023 AFRC starts inspecting engagements involving audit working papers located on the Mainland 15 December 2023 AFRC expects active cooperation and full compliance by PIE auditors with the AFRC Ordinance and their self-reporting of critical incidents in a timely manner 7 December 2023 AFRC publishes Inspection Insights and an explanatory video on the inspection of non-PIE practice units to drive continuous improvements in audit quality 30 November 2023
Speeches and Presentations
Speeches and Presentations AFRC Head of Policy, Registration and Oversight Ms Mary Leung’s presentation in the ACCA Panel Discussion titled ‘Exploring Ethical Practices’ 31 October 2023 Chairman Dr Kelvin Wong’s keynote speech at the Actuarial Society of Hong Kong's IFRS 17 Conference 25 October 2023 Chairman Dr Kelvin Wong’s remarks at the Farewell party with the CEO 28 September 2023 AFRC Head of Discipline Ms Hester Leung’s presentation at The ASEAN Audit Regulators Group (AARG) and Financial Statements Surveillance Group (FSSG) workshop 26 September 2023 Briefing session with PIE auditors: 2022 Annual Inspection Report 22 September 2023 Chairman Dr Kelvin Wong’s remarks at the AFRC Housewarming Cocktail Reception 15 September 2023
AFRC, ICAC and SFC first tripartite operation against suspected misconduct and corporate fraud
The Joint Operation involved a search of the offices of three public interest entities ( PIE ) auditors associated with two listed companies. ... The three PIE auditors expressed unmodified opinions on all relevant financial statements for the years ended 31 December 2018 to 2021. ... The Joint Operation and collaboration with the other two agencies manifests the staunch determination of the AFRC to combat financial crime, illicit activities and professional misconduct in order to restore public trust in the financial reporting quality of listed entities and their auditors. Ms Janey Lai, Acting Chief Executive Officer of the AFRC, said, “The Joint Operation represents the AFRC’s absolute commitment to take all necessary actions to ensure integrity and quality of financial reporting and audit in Hong Kong.