Further reform of the accounting profession is expected to commence in the 4th quarter of this year. Upon commencement, the Financial Reporting Council (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). 

The FRC launched its Engagement and Consultation Paper on further reform of the accounting profession (the Paper) on 9 March​. While the Paper provides explanation of its regulatory principles and approaches and aims to facilitate stakeholders to understand its rationale and solicit their views on how to ensure its proposed policies meet the expectations of the public through an effective disciplinary regime, the FRC invites interested parties and the public to share their views on or before 4 May so that it may take into consideration the interest of key stakeholders.

To provide members with a better understanding of the Paper, the Institute will jointly organize three members’ forums with the FRC, Hong Kong Association of Registered Public Interest Entity Auditors Limited (PIEAA) and Society of Chinese Accountants and Auditors (SCAA) respectively for different groups of audiences covering topics below,

• Registration of practice units and public interest entity (PIE) auditors
• Issuance of practising certificates to certified public accountants (CPAs)
• Inspection of practice units
• Investigation of professional persons (i.e. CPAs and practice units)
• Discipline of professional persons

As major stakeholders, you are invited to join this forum to learn from speakers from FRC about aspects of the Paper.

*This programme is conducted in Cantonese.

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