History and Milestones

 
Timeline Milestone​
1 Dec 2006 Established as an independent statutory body under the Financial Reporting Council Ordinance
16 July 2007
Commencement of full operations
2012 Established Independent Audit Oversight Reform Committee to advise Council on matters related to Hong Kong’s Auditor Regulatory Reform
2013 Commissioned an international comparative study on independent audit oversight in major capital markets
2015 Submitted response to the Government’s public consultation on proposals to improve the regulatory regime for listed entity auditors
2016 Published an Update on Independent Audit Oversight
July 2017 Celebrated the 10th Anniversary
24 Jan 2018 Introduction of the FRC (Amendment) Bill 2018 at the Legislative Council
30 Jan 2019 Passage of the FRC Amendment Bill​ 2019
1 Oct 2019 ​Commencement of th​e Financial Reporting Council (Amendment) Ordinance 2019​

Regulatory Reform

Achievements

As of 31 March 2020:​

  • Handled over 500 complaints
  • Completed 88 investigations
  • Completed ​15 enquiries
  • Referred over 200 cases to HKICPA ​