Harry’s impression: Financial Reporting Council (Amendment) Bill gazetted

 


The Hong Kong government gazetted the Financial Reporting Council (Amendment) Ordinance 2019 on 15 February, enabling the Financial Reporting Council (FRC) to become an independent oversight body that regulates auditors of listed companies. The development comes after a decade of work by the Institute and the government, and brings Hong Kong’s regulatory regime for auditors of listed entities in line with international standards and practices. It will also enable Hong Kong to be eligible for joining the International Forum of Independent Audit Regulators. As part of the new audit regime, the Institute will continue to perform the statutory functions of registration, setting requirements for continuing professional development, and also setting standards on professional ethics, auditing and assurance in respect of relevant auditors, subject to oversight by the FRC. The date the FRC will take over is yet to be confirmed. “The Amendment Ordinance enhances the existing regulatory regime for auditors of listed entities, allowing it to be independent from the audit profession, thereby providing better protection to investors. This is crucial to strengthening Hong Kong’s status as an international financial centre and capital market. We are working closely with relevant parties on the preparations for implementing the new regulatory regime as soon as practicable,” said a government spokesperson. 


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