Corporate practice

After the further reform of the regulatory regime of accounting profession introduced by the Financial Reporting Council (Amendment) Bill 2021, the Accounting and Financial Reporting Council (“AFRC”) is responsible for, among other things, the registration of corporate practices under the Accounting and Financial Reporting Council Ordinance (“AFRCO”).

Corporate Practice (Professional Indemnity) Rules

According to Section 20AAZY of the AFRCO, the professional indemnity insurance should be provided on terms approved by the HKICPA and that the insurer should also be approved by the HKICPA. The Corporate Practices (Professional Indemnity) Rules can be found here. The requirements in relation to professional indemnity insurance can be found here.

Corporate Practice (Model Article of Association)

According to Section 20AAZX(6) of the AFRCO, the articles of association of the corporate practices must comply with the requirements made by the HKICPA. The Model Article of Association can be found here.