Join the members' forums on further reform of the accounting profession

(21 March 2022)

Dear members,

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 on 4, 7 and 11 April 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.

As major stakeholders, members are invited to join these forums to learn from speakers from FRC about aspects of the Paper and to share your views with us. This forum will also be recorded and made available as an e-Seminar for those unable to attend.

Session ONE:

Further Reform of the Accounting Profession for PIE Auditors

Date and time:

4 April 2022, Monday (6:30 p.m. – 8:30 p.m.)

Language:

English

Joint organizers:

HKICPA and PIEAA

Session TWO:

Further Reform of the Accounting Profession for Non-PIE Practice Units

Date and time:

7 April 2022, Thursday (6:30 p.m. – 8:30 p.m.)

Language:

Cantonese

Joint organizers:

HKICPA and SCAA

Session THREE:

Further Reform of the Accounting Profession for CPAs

Date and time:

11 April 2022, Monday (6:30 p.m. – 8:30 p.m.)

Language:

Cantonese

Organizer:

HKICPA

After successful registration, members will receive a confirmation email and the specific link will be available nearer to the event date to access the webinar.

Meanwhile, if you have any views or questions on this new regime, kindly submit them to the Institute in advance of the forum and the Institute will endeavor, where appropriate, to address them at the forum.

Yours sincerely,
Hong Kong Institute of Certified Public Accountants

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