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AFRC Welcomes Process Review Panel Report 2024-25

In the 2024-25 review cycle, the PRP reviewed a broad range of cases handled by the AFRC, covering not only its oversight of Public Interest Entities (“PIEs”) auditors but also its broader statutory functions, including registration, inspection, investigation, and disciplinary matters relating to accounting professionals and practice units.

The Supervision and Evaluation Bureau of the Ministry of Finance and the Financial Reporting Council of the Hong Kong Special Administrative Region sign a Memorandum of Understanding to promote cross-boundary cooperation and enhance audit quality

Dr Kelvin Wong, Chairman of the FRC remarked, “When the Financial Reporting Council (Amendment) Ordinance 2019 takes effect, the FRC will be vested with the direct powers of inspection, investigation and discipline concerning auditors of listed entities. It is indeed an opportune time for us to sign the MOU with the SEB. The MOU facilitates our ability to gain access to audit working papers located in the Mainland through an effective mechanism and clear procedures, thereby enhancing our efficiency in discharging our duties in respect of inspection and investigation as an effective independent auditor regulator. We would like to express our heart-felt thanks to Dr Gao Jinxing for his continued support and assistance to the FRC.

AFRC Launch Ceremony to inaugurate the commencement of the new regulatory regime of the accounting profession

In his remark, the Financial Secretary said, “Accountants and auditors are gatekeepers of financial reporting in Hong Kong. ... The further reform extends our regulatory power to auditors of all entities in Hong Kong, and all accounting professionals and to oversee all statutory functions of the Hong Kong Institute of Certified Professional Accountants.

FRC welcomes the 2021 Annual Report of the Process Review Panel

In the 13th review cycle, the PRP selected and reviewed the work of the FRC in 2020 under its statutory functions of inspection, investigation and enquiry, recognition of overseas public interest entities (PIE) auditors and oversight of the Hong Kong Institute of Certified Public Accountants’ performance of specified functions.

AFRC Reaffirms Commitment to Integrity in Response to Allegations Against Accountants

AFRC Reaffirms Commitment to Integrity in Response to Allegations Against Accountants 9 May 2025 In accordance with the Memorandum of Understanding signed between the Accounting and Financial Reporting Council ( AFRC ) and the Independent Commission Against Corruption ( ICAC ) to enhance collaboration in the fight against corruption, illicit activities, and malpractices, a joint operation was conducted in November 2021, which involved a search of the offices of a public interest entity auditor (Note 1). Two certified public accountants and others were charged by the ICAC with conspiracy to defraud by submitting a misleading accountants’ report to Hong Kong Exchanges and Clearing Limited to portray an inflated business outlook of a Macao-based construction company to secure its listing in Hong Kong.

Financial Reporting Council welcomes the 2018 Annual Report of Process Review Panel

The annual review of the PRP helps ensure that our actions taken are consistent with our internal procedures and guidelines, which is particularly important in the new regime when the FRC becomes the internationally aligned independent auditor regulator of Hong Kong. ” Ms Wincey Lam, Acting CEO of the FRC added, “The scope of our work will expand when the FRC (Amendment) Ordinance 2019 takes effect.

Financial Reporting Council publishes consultation conclusions on Proposed Sanctions Guidelines

It is important to reiterate that the ultimate objective for the FRC to impose sanctions on identified misconducts is not to punish for the sake of punishing, but to help rectify and improve less than satisfactory behaviours of auditors, thereby upholding the quality of financial reporting of listed entities in Hong Kong, safeguarding the interest of the investing public and ultimately, reinforcing Hong Kong’s status as an acclaimed international financial centre.”

FRC Acts on Deloitte China Whistle-blower Allegations

This is our expectation of PIE auditors when they face such allegations.

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