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AFRC’s Briefing at LegCo Panel on Financial Affairs on 2023-24 budget
In 2022, the AFRC organised 50 stakeholder engagement activities in the Consultation for the further reform, which were with 6,000 accounting and auditing professionals.
FRC appoints Ms Grace Hui as an Honorary Adviser and a Member of the Inspection Committee
Ms Hui is the Head of Green and Sustainable Finance at Hong Kong Exchanges and Clearing Limited (HKEX) with responsibility for the development of HKEX’s green and sustainable finance programme including exploring the creation of commercial propositions to facilitate sustainable financing for environmentally-aligned companies. She co-chairs the Market Development Work Stream of the Green and Sustainable Finance Cross-Agencies Steering Group established by the Hong Kong Monetary Authority and the Securities and Futures Commission.
AFRC Hosts Landmark Regional Regulatory Forum 2025
Panel 2 Engaging Stakeholders in Sustainability Disclosures The panel emphasised that sustainability has evolved into a fundamental driver of long-term value creation for both businesses and society. ... Panel speakers acknowledged the interconnected nature of sustainability, highlighting that it is crucial to focus on material topics. ... Gabriel Wilson-Otto Head of Sustainable Investing Strategy, Fidelity International Ms.
AFRC Hosts Landmark Regional Regulatory Forum 2024
Overall, cooperation among regulators, auditors, companies, and investors is vital for developing a sustainable and resilient financial ecosystem. ... Chia-Tern Huey Min emphasised that companies should prioritise "progress" over "perfection" in sustainability reports. Mr. Mike Canning urged companies to integrate sustainability into their business models. Overall, the discussion underscored the need for accountants to evolve their skill sets to seize new opportunities in the sustainability in the sustainability frontier.
AFRC welcomes the Government’s 2024-25 Budget
Dr Wong added, “We also fully support the Government’s strategic vision in promoting green and sustainable finance, in particular in aligning practices in sustainability disclosure with international standards and assisting companies and financial institutions in sustainability reporting and the analysis of relevant data.
Reports
Reports Inspection Checkpoint - Reminders for Auditors’ Reporting on Licensed Corporations Audit 28 March 2025 Policy and Governance Market Readiness for Sustainability Reporting and Assurance in Hong Kong Corporate Governance Sustainability Assurance 27 January 2025 Inspection Checkpoint – Obtaining an Understanding of the Audit Clients’ IT Environments Audit Technology 24 January 2025 Inspection Inspection Insights – Root Cause Analysis and Remediation: A Call to Action for Quality Improvement Audit Quality Management System 1 December 2024 Inspection Overview of the Non-Public Interest Entity Audit Market in Hong Kong Audit Quality Management System 30 October 2024 Policy and Governance Audit Implications of Current Economic Conditions for Hong Kong-listed Companies Audit Auditor Changes Corporate Governance Sustainability Assurance 21 October 2024 Inspection Audit Focus: 2024 year-end audits Audit Corporate Governance Quality Management System 9 October 2024 Policy and Governance Safeguarding Auditor Independence: Concerns Surrounding Procurement and Purchases from Audit Clients Audit Corporate Governance Quality Management System 4 October 2024 Oversight 2024 Oversight Report on HKICPA’s Performance of Specified Functions Audit Financial Reporting 16 September 2024 Investigation and Compliance 2024 Annual Investigation and Compliance Report Audit Financial Reporting 28 August 2024 Inspection 2023 Annual Inspection Report Audit Corporate Governance Quality Management System 11 July 2024 Inspection Analysis of Listed Entities Suspended from Trading Due to Delay of Preliminary Annual Results Announcement Audit Auditor Changes Corporate Governance Quality Management System 5 July 2024
Press Releases
Chiang & Co. for serious violations of fundamental auditor independence requirements 22 May 2025 AFRC Reaffirms Commitment to Integrity in Response to Allegations Against Accountants 9 May 2025 AFRC sets out Strategic Priorities for 2025-2027 31 March 2025 AFRC welcomes the Government’s 2025-26 Budget 26 February 2025 Cross-Agency Steering Group sets 2025 priorities to support growth of sustainable finance in Hong Kong 6 February 2025 AFRC Study Advocates for Improved Sustainability Assurance Practices and Urges Auditors to Incorporate Climate Risks in Financial Audits 27 January 2025
Press Releases
Press Releases AFRC suspends Lam Kin Choi for 2 years and fines him HK$300,000 for flagrant disregard of two statutory requirements in relation to inspections of two practice units 28 May 2024 AFRC welcomes CSRC’s five measures on capital market cooperation with Hong Kong 22 April 2024 AFRC Acts on PricewaterhouseCoopers Whistle-blower Allegations 19 April 2024 AFRC meets with the General Union of Hong Kong Accounting Professionals and Staff to discuss the sustainable development of the accounting profession 17 April 2024 AFRC welcomes the Government’s appointment of the Chief Executive Officer and Executive Director of the AFRC 9 April 2024 Cross-Agency Steering Group and International Sustainability Standards Board members met in Hong Kong 27 March 2024