Showing 49 - 56 of 107 results
AFRC welcomes the Government’s support for a funding injection
In the meantime, the AFRC will continue to prioritise its work, flexibly allocate manpower, and exercise strict control over its expenditure to maintain the current regulatory standards and to work with the Government to establish a long-term sustainable financing model to ensure the effective discharge of its regulatory responsibilities in protecting the public interest, upholding financial reporting quality and fostering a healthy and sustainable development of the accounting profession.
AFRC expects active cooperation and full compliance by PIE auditors with the AFRC Ordinance and their self-reporting of critical incidents in a timely manner
The AFRC stresses that it expects full and active cooperation from all firms to facilitate the efficient and effective discharge of its statutory functions, including registration, inspection, investigation, discipline and the promotion of the sustainable development of the accounting profession. ... Compliance is not just a legal obligation but a fundamental pillar of responsible and sustainable practice. I am confident that a compliance culture is conducive to better control and high quality for firms and their engagements respectively.”
AFRC reprimands BOFA CPA Limited for improperly backdating audit working papers and imposes a pecuniary penalty
Specifically, the AFRC took into account the following: the misconduct was serious, involving backdating of audit documentation across both inspected audit engagements, which could have undermined public confidence in the profession; there was, however, no evidence to suggest that the misconduct led to audit deficiencies or material misstatements in the financial statements; the engagement partner concerned, who was the sole practising director, quality control system responsible person and shareholder of BOFA at the relevant time of the misconduct, has since left the practice and is no longer involved in BOFA’s business; BOFA implemented remedial measures as directed by the AFRC and as recommended by an external consultant within the required timeframe, and voluntarily refrained from accepting any new PIE engagements whilst remediation was ongoing; and BOFA has clean disciplinary records with the HKICPA and the AFRC.
Policy and Governance
We start by researching policy issues related to financial and sustainability reporting, auditing, and corporate governance, and translating the findings into practical guidance.
Press Releases
Press Releases AFRC issues its first Report on the Analysis of the PIE Audit Market in Hong Kong 27 March 2024 AFRC welcomes the Government’s support for a funding injection 25 March 2024 AFRC welcomes the passage of the Safeguarding National Security Bill 20 March 2024 AFRC reprimands Chan Steven Kwok Keung and Sino Corp CPA Limited and imposes pecuniary penalties totalling HK$100,000 for CPA misconduct 12 March 2024 AFRC welcomes the Government’s 2024-25 Budget 28 February 2024 Cross-Agency Steering Group launches revamped website for sustainable finance 21 February 2024
Press Releases
Press Releases FRC welcomes the Government’s 2022-23 Budget 23 February 2022 FRC establishes Sustainability and Climate Task Force 21 February 2022 Resignation of Executive Director, Deputy CEO and Head of Oversight, Policy and Governance 21 February 2022 FRC finds that an auditor failed to identify a material misstatement and to express an appropriate audit opinion 18 February 2022 FRC finds that an auditor failed to obtain the necessary evidence to support the measurement and recognition of a gain on extinguishment of a financial liability 30 December 2021 FRC finds that auditor failed to appropriately address an identified misstatement and to appropriately exercise professional judgement in determining overall materiality 23 December 2021
Speeches and Presentations
Speeches and Presentations CEO Ms Janey Lai’s Keynote Speech at “Sustainable Finance: Driving Strategy and Market Change” seminar 28 January 2026 AFRC Chairman Dr David Sun’s Keynote Speech at HKCGI Annual Cocktail Reception 16 January 2026 AFRC Chairman Dr David Sun’s Opening Remarks at HKiNEDA Conference 2025 6 December 2025 AFRC Chairman Dr David Sun’s Keynote Speech at CIMA HK 60th Anniversary Annual Dinner 2025 24 November 2025 Chairman Dr David Sun’s welcome and opening remarks at AFRC’s Regional Regulatory Forum 2025 10 November 2025 Chairman Dr David Sun’s opening remarks at HKICPA X IFAC SMP Conference 2025 1 November 2025
Inspection Committee
She then initiated and established HKEX’s green and sustainable finance department and HKEX’s STAGE. ... Ms Hui is currently an adjunct professor in the Division of Environment and Sustainability at The Hong Kong University of Science and Technology, Deputy Chairman of the Sustainability Committee of The Hong Kong Institute of Certified Public Accountants and a member of the UK Directors’ Climate Forum (Chapter Zero). ... He is widely recognized for his expertise in corporate governance, risk management, and sustainability, making him a sought-after voice in professional forums.