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Financial Reporting Council welcomes the 2019 Annual Report of the Process Review Panel

As the independent auditor oversight body of Hong Kong, we will remain steadfast in discharging our statutory duties by consistently adhering to our internal procedures so as to uphold the quality of financial reporting and safeguard public interest in a fair and proper manner in accordance to our stated policies. ” Ms Florence Wong, Acting CEO of the FRC added, “We feel encouraged that our efforts in enhancing efficiency in case handling were recognised by members of the PRP.

Financial Reporting Council welcomes the 2020 Annual Report of the Process Review Panel

In its 12[th] review cycle, the PRP completed the review of seven cases related to possible auditing and reporting irregularities and possible non-compliance with accounting requirements in relation to listed entities in Hong Kong, three recognition applications of overseas public interest entities auditors and one complaint against a former staff of the FRC.

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Apply and support the implementation of robust auditor registration frameworks to uphold professional integrity and public trust.

Maintaining the Quality of Cross-Border Audit Services

Notwithstanding the seriousness of this anomalous incident and its potential regulatory implications for the group’s auditors, the accounting profession of Hong Kong remains credible and well-equipped to provide a sufficient supply of high-quality audit services that our capital markets require.

FRC Welcomes the Gazettal of the Commencement Notice of Financial Reporting Council (Amendment) Ordinance 2019

Dr Kelvin Wong, Chairman of the FRC, remarked, “We are delighted that the Amendment Ordinance will take effect on 1 October 2019, charting the beginning of an independent auditor regulatory regime which is in the best interest of Hong Kong.

AFRC x Cyberport: AI Applications for the Accounting & Audit Profession

Play Video AMC AMC demonstrated how AI can support auditors in risk assessment processes, including Financial Statement Line Item (FSLI) mapping, materiality calculations, and preliminary analytical reviews, thereby enhancing the efficiency and overall quality of audit planning. By enabling auditors to raise the bar of work quality through its patented Cascade-Driven Planning methodology and customisable iWorking Papers, AMC Insight combines intuitive design with avant-garde solutions that significantly boost audit efficiency. Through data-driven insights and structured workflows, the solution further supports auditors in exercising professional judgment, while strengthening reliability, consistency, and governance throughout the audit process.

Complaint Form

Please use this form to file a complaint if you think there is; misconduct (see Q8 to Q11 in FAQ for definitions of "misconduct") of a certified public accountant (CPA) registered with the Hong Kong Institute of Certified Public Accountants, practice unit (practice unit) registered with the Accounting and Financial Reporting Council (including a practising certificate holder practising in his own name, corporate practice or CPA firm) or overseas auditor recognised by the AFRC to perform a public interest entity engagement (recognised PIE auditor) ; or non-compliance with relevant financial reporting standards in a listed entity’s financial report.

AFRC welcomes the 2023-24 Annual Report and new appointments of the Process Review Panel

In the 2023-24 review cycle, the PRP reviewed the AFRC’s handling of: inspections on six practice units and PIE auditors and seven audit engagements; 13 complaint, enquiry and/or investigation cases; four applications for issuance of practising certificate or registration; and the oversight of the Hong Kong Institute of Certified Public Accountants’ specified functions.

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