The AFRC can subject auditors who commit misconduct to penalties up to HKD 10 million, or three times profit gained, whichever is higher.
October 5, 2022Collaboration is needed to protect the public interest and maintain financial market integrity, said FRC chairman Kelvin Wong.
September 21, 2022The FRC is concerned about deposits held by Evergrande's property services unit that were pledged as security for third parties to obtain bank loans.
August 17, 2022The UK Financial Reporting Council asked 7 audit firms to detail the controls that are in place to prevent and detect cheating in professional exams.
July 25, 2022Hong Kong's Financial Reporting Council already has 13 cases involving mainland audit work papers, two of which have been concluded.
June 30, 2022The UK Financial Reporting Council proposes to require actuaries to include climate change and other ESG–related risks in the course of their work.
June 16, 2022The FRC will extend the scope of its oversight to all practicing auditors and accountants, instead of just those servicing listed companies.
March 10, 2022The task force will provide high level recommendations on strategic actions the FRC should consider to promote sustainability reporting in Hong Kong.
February 25, 2022The guidelines are intended to help audit committees adopt best practices in selecting auditors that will enhance the quality of corporate reporting.
December 21, 2021Protecting whistleblowers' identities will be the FRC's highest priority. It will not share any personal information to outside parties unless it is "legally obliged to do so".
December 6, 2021