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Corporate Practice

Only a CPA (practising), a CPA firm or a corporate practice registered with the AFRC can hold an appointment or render a service, whether paid or unpaid, as an auditor of a company under the Companies Ordinance (Cap. 622) or accounts for the purposes of any other Ordinance. ... Update your practising information This video explains how to update your contact details and other practising information within 14 days of change(s). Renew your registration This video guides you through the steps to submit your practising certificate renewal application between 1 November and 15 December of the year.

CPA Firm

Only a CPA (practising), a CPA firm or a corporate practice registered with the AFRC can hold an appointment or render a service, whether paid or unpaid, as an auditor of a company under the Companies Ordinance (Cap. 622) or accounts for the purposes of any other Ordinance. ... Update your practising information This video explains how to update your contact details and other practising information within 14 days of change(s). Renew your registration This video guides you through the steps to submit your registration's renewal application between 1 November and 15 December of the year.

AFRC presents key findings and insights from its Inspection and Investigation & Compliance Reports to strengthen Transparency, Regulation, and Development

Many of these audits were conducted under tight timelines due to late changes in auditor appointments. These practices threaten both the independence of auditors and the quality of audits. Readiness of new PIE auditors entering the PIE market Inspection findings for new PIE auditors, especially Category C firms, reveal that a significant percentage of their inspected PIE engagements have received a rating of 4.

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

To reflect our riskbased and proportionality approach to inspection, the AFRC inspected: 20 (or 44%) PIE auditors, covering 56 PIE engagements and 17 non-PIE engagements 13 (or 0.5%) non-PIE auditors, covering 25 non-PIE engagements The number of firms inspected increased by 27%, and engagements inspected increased by 61% year-on-year. ... Ms Eva Lau, Acting Head of Inspection, said, “Auditors of PIE engagements assume a much greater responsibility of upholding audit quality. ... To provide greater transparency to the public, we published a full list of PIE auditors subject to our inspection for the first time.

FAQs - Practising Certificate

I have just obtained a practising certificate to practise in my own name. May I now change my full-time employment from a CPA firm / corporate practice to the commercial field? ... Please inform the AFRC of any change in the mode of your practice within 14 days of the change by completing and submitting “Notification for Change in Particulars of a CPA (practising)” (Form PC-3) through the AFRC Online Registration System together with all necessary supporting documents. 10. ... You, as a CPA (practising), must notify the AFRC of the change by completing and submitting “Notification for Change in Particulars of a CPA (Practising)” (Form PC-3) through the AFRC Online Registration System within 14 days of the change. 12.

FRC launches Engagement and Consultation Paper on further reform of the accounting profession

Upon commencement, the FRC will become the independent regulator for the accounting profession in Hong Kong and its name will change to Accounting and Financial Reporting Council (AFRC). ... Sanctions Policy for PIE Auditors and Registered Responsible Persons; and E. ... Discipline Policy Statement for PIE Auditors and Registered Responsible Persons; G.

Policy and Governance

Our aim is to promote the healthy development of the accounting profession by encouraging positive changes in the market. We start by researching policy issues related to financial and sustainability reporting, auditing, and corporate governance, and translating the findings into practical guidance.

AFRC highlights the importance of continuous professional development in ensuring audit quality and managing talent

It points out that with the development of new technologies such as artificial intelligence, the increasing need for ESG and climate expertise, and continuing changes in accounting and auditing standards, firms are presented with enormous business opportunities if they focus on CPD as a strategic component of the delivery of high-quality audits and talent management. ... As CPD is an important element for future-proofing the accounting profession, the AFRC sets out expectations for auditors and firms in relation to CPD compliance. At an individual level, the AFRC expects auditors to comply with CPD requirements, adopt a mindset of lifelong learning, and devote effort to acquiring knowledge and skills essential to pursuing their professional development.

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