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FRC completes first investigation with working papers obtained under MoU with the Supervision and Evaluation Bureau of the PRC Ministry of Finance

The engagement partner did not consider this accounting issue to be a difficult or contentious matter and therefore did not consult appropriately on the matter. ... HKSA 220 Quality Control for an Audit of Financial Statements prescribes the consideration of appropriate consultation for a difficult or contentious matter by the engagement team.

AFRC sets out Strategic Priorities for 2025-2027

The three-year strategic plan considers the impacts of a dynamic business landscape, including the complexities of accounting standards and regulatory requirements, talent shortage challenges, rapid advancements in technology especially relating to artificial intelligence, and an increasing focus on sustainability. The AFRC's strategic priorities for 2025-2027 are based on four key pillars: Regulation : Upholding the quality of financial reporting and audit, thereby safeguarding stakeholder and public interests. ... Development : Promoting the development of the accounting profession by advocating sustainability, digital transformation, and talent management. ... She added, “We must continuously review and adapt our regulatory framework, incorporating innovative practices that foster the resilience, sustainability, and success of the accounting profession as well as the AFRC.”

AFRC Hosts Landmark Regional Regulatory Forum 2024 to Restore Public Trust in the Accounting and Audit Profession

Regulation is not an end in itself, but the means to promote sustainable development and create long-term benefits for all. ... Only through a collective dedication and commitment from all stakeholders to upholding the highest standards of financial reporting can we achieve a resilient and sustainable future.” The RRF themed “Transforming Regulation, Governance and Development for a Resilient and Sustainable Future” features five key panels where local and international subject matter experts provide insights into critical issues impacting the profession. They include policy, regulatory, and governance frameworks, global coordination of standards, technological disruption, sustainability reporting and assurance, and talent management strategies for futureproofing the audit industry.

Celebrating a major milestone for the accounting profession – 50th anniversary of the accounting profession

The mission of AFRC is to ensure the healthy, sustainable development of the profession. We remain determined in our support of the highest standards of professionalism and are confident that complete dedication and unwavering commitment are critical drivers to the sustainable development of the industry going forward.

AFRC welcomes the Chief Executive’s 2022 Policy Address

The initiatives of enhancing Hong Kong’s position as a global fundraising platform and its strengths as the largest offshore RMB business centre, promoting mutual market access and developing green and sustainable finance will further strengthen Hong Kong’s position as a vibrant and competitive international financial centre. The multiplier effect of the proposals on the capital market requires a strong reporting regime, not only on financial but on sustainability and climate.” Dr Wong continued, “Different business sectors in Hong Kong are facing fierce competition for talents, and the accounting profession is no exception.

AFRC welcomes the Chief Executive’s 2023 Policy Address

The timely and beneficial initiatives including, among others, the reduction of stamp duty on stock transfer, the review of stock trading spread, the reform of the Growth Enterprise Market ( GEM ) and the promotion of green and sustainable finance will help boost the vitality and nurture the sustainable growth of the capital market in Hong Kong.”

Financial Reporting Review Panel

He is currently a member of HKICPA's newly established Sustainability Disclosures Standards Committee. ... Currently, she is a member of the Sustainability Assurance Advisory Panel of HKICPA. ... She also provides sustainability assurance and advisory services including ESG rating advisory and provides supports to clients on decarbonization roadmap and compliance requirements on ESG related matter.

AFRC to Organise Regional Regulatory Forum in Hong Kong for the Accounting and Auditing Profession

Panel discussions on governance, audit quality, artificial intelligence (AI), and sustainability assurance will examine the shifting regulatory, environmental, and technological demands. ... This forum showcases how the profession is evolving to seize new opportunities to foster a resilient and sustainable future.” Dr David Sun, Chairman of the AFRC, noted, “Hosting the RRF in Hong Kong once again highlights the city’s pivotal role as a vibrant international financial centre and a leader in regulatory excellence.

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