存档材料
Effective dates of Financial Reporting Council (Amendment) Ordinance
On 6 May 2019 the government gazetted 1 October as the effective date of the Financial Reporting Council (Amendment) Ordinance 2019. This is the date when the responsibility for regulating the auditors of listed companies will pass from the Institute to the FRC. The Institute will continue to work with the FRC to ensure a smooth transition of powers. From 2022, the FRC will be funded by a levy on securities transactions, paid by both buyers and sellers, in addition to levies paid by listed companies and their auditors.
Media Coverage
- Hong Kong FRC's New Oversight Powers Start in October (Regulation Asia – 21 May 2019)
Financial Reporting Council (Amendment) Bill gazetted
On 30 January 2019, the Financial Reporting Council (Amendment) Bill 2018 was enacted by the Legislative Council and was gazetted on 15 February 2019. The Financial Reporting Council will assume full responsibility for the regulation of auditors of listed companies at a date yet to be determined. The reform caps over a decade of work from the Institute and government and transitions Hong Kong from self-regulation to independent oversight – bringing Hong Kong's regulatory regime for auditors in line with the international standard and practice. The development also further strengthens Hong Kong's reputation as an international financial centre.
Before the FRC takes over, the Institute will further discuss with the Financial Services and the Treasury Bureau and the FRC to resolve outstanding issues and to ensure smooth transition and effective operation under the new regime. We will also contribute the views of the profession to the process of establishing the FRC's oversight of some of the Institute's functions.
Media Coverage
- 财汇局拨款通过修订核数师征费基准 (Ming Pao Daily – 31 January 2019)
- 立法会通过成立财务汇报局修订条例草案 (Metro Radio – 30 January 2019)
- 财务汇报局修订条例获立法会通过将直接监管上市公司核数师 (HK01 – 31 January 2019)
- 黄天佑：条例草案通过赋予财汇局权力 (Hong Kong Economic Journal – 30 January 2019)
- 财汇局接管上市公司核数监管权 (ET Net – 31 January 2019)
Financial Reporting Council (Amendment) Bill 2018
In January 2018 the government gazetted the Financial Reporting Council (Amendment) Bill 2018, as its legislative approach to the regulation of the auditors of listed entities. You can find more details about the Bill on the Bills Committee page of the Legislative Council website.
The Institute published a media statement in response to the gazettal on 19 January:
Media Coverage
- 财汇局料有权监察处分核数师 (Ta Kung Pao – 20 January 2018)
- 财汇局拟「升呢」独立监管核数师 (Apple Daily - 20 January 2018)
- 港府促严管上市公司核数师 (Oriental Daily - 20 January 2018)
- 香港会计师公会：关注财务汇报局改革年开支增至9000万港元 (Finet.hk - 22 January 2018)
Third Bills Committee Meeting (10 April 2018)
The third meeting of the Bills Committee took place on 10 April 2018. Before the meeting the Institute returned a written submission (English / Chinese translation) in response to the request by Committee members on four key issues raised at the second meeting, namely:
- Guidance on sanctions determination and application;
- Regulation of non-Hong Kong auditors;
- EU equivalence; and
- The scope of assurance engagements covered by the Bill.
The Chief Executive and Registrar Raphael Ding also submitted bylined articles about the FRC (Amendment) Bill to two media outlets.
- 名家笔阵：给财汇局改革建议 (Oriental Daily - 23 April 2018)
- 舍本逐末的「欧盟等效」 (Hong Kong Economic Journal – 23 April 2018)
Media Coverage
- 财汇局监管未到位开支却大增(Hong Kong Economic Journal – 24 April 2018)
Second Bills Committee Meeting (20 March 2018)
On 9 March the Institute submitted its detailed response to the Bill.
The second meeting of the Bills Committee took place on 20 March. The committee met with stakeholders including the Institute, accounting firms and other associations. Their submissions can be found on the meeting website.
At the meeting Chief Executive and Registrar Raphael Ding highlighted some key areas of concern for the Institute. You can view his speech in Chinese or in English. You can also read the speech here (in Chinese).
Media Coverage
- 财汇局扩权涉罚则会公促提供具体指引 (Oriental Daily - 21 March 2018)
- 会计师公会促财汇局交代9900万花费 (Ming Pao Daily - 21 March 2018)
Background and previous consultations
Institute press release before the FRC amendment bill was published (October 2016)
Late in 2016 and in anticipation of the release of the FRC Amendment Bill, the Institute published a press release reiterating its position on audit regulatory reform. The press release is available here:
Government consultation
After the Institute's consultation finished, the government consulted stakeholders and the public from June to September 2014. More details about this consultation are available here:
- Government consultation (2014)
- Government consultation conclusions and the Institute's response (June 2015)
Institute consultation
The Institute conducted a consultation with its members regarding the reform of audit regulatory regime from October 2013 to January 2014. For more details about this consultation see:
