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Chairman and CEO's opinion piece: Getting an audit wrong can have profound consequences for credibility

Supervision and accountability In Hong Kong, auditors are independently supervised by the Accounting and Financial Reporting Council. ... It requires technical excellence and principled leadership — professionals with the integrity, skepticism, and courage to challenge management when it matters most. Auditors are gatekeepers, guided by rigorous professional standards and sound judgment.

Chairman and CEO's opinion piece: Getting an audit wrong can have profound consequences for credibility

Supervision and accountability In Hong Kong, auditors are independently supervised by the Accounting and Financial Reporting Council. ... It requires technical excellence and principled leadership — professionals with the integrity, skepticism, and courage to challenge management when it matters most. Auditors are gatekeepers, guided by rigorous professional standards and sound judgment.

FRC expresses heartfelt gratitude to retiring Chairman and Members of the Process Review Panel (PRP) and welcomes the Government’s appointments to the PRP

This is particularly important to the public as the FRC implements the expanded statutory duties vested in it under the amended Financial Reporting Council Ordinance, which involve new processes for its new functions under the independent auditor regulatory regime. Mr Marek Grabowski, CEO of the FRC remarked, “Over the years, the reviews conducted by the PRP have helped ensure that, in performing its statutory functions the FRC applies its processes consistently and fairly.

Effective cross-boundary cooperation between the Supervision and Evaluation Bureau of the PRC Ministry of Finance and the FRC

This demonstrates that the MoU works well for the FRC to extend our cross-boundary auditor regulatory functions through the cooperation with the SEB.

FRC publishes articles with IFEC to educate retail investors

The FRC takes it as our responsibility to educate the public on essential financial reporting and audit knowledge, thereby enabling them to understand the key messages and implications embedded in the financial statements and the auditor’s report. We will continue to collaborate with the IFEC to roll out more initiatives in future to promote financial literacy among the public.”

Whistleblowing

Whistleblowing You may have acquired information about wrongdoing or misconduct as an employee working under a certified public accountant registered with the Hong Kong Institute of Certified Public Accountants, an auditor registered with or recognized by the Accounting and Financial Reporting Council (AFRC) or a listed entity, or through working with them, or from sources close to them.

CEO's Speech at LegCo Panel on Financial Affairs on 2021-22 budget

In 2021-22, we will be consolidating our rapid growth, which was necessary in 2019- 21 to transform the FRC into Hong Kong's full-fledged independent auditor regulator. Our headcount reflects that growth.

AFRC reprimands BOFA CPA Limited for improperly backdating audit working papers and imposes a pecuniary penalty

This raises concerns as to whether the auditor had actually performed the necessary audit planning work at the time of the audits.

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