The Financial Reporting Council (the FRC) is an independent body established on 1 December 2006 under the Financial Reporting Council Ordinance (the FRCO). It is entrusted with the statutory duty to regulate auditors of listed entities through a system of registration and recognition, and through inspection, investigation and disciplinary action.
The mission of the FRC is to uphold the quality of financial reporting of listed entities in Hong Kong, so as to enhance protection for investors and deepen investor confidence in corporate reporting.
The FRC is committed to the following core values:
Independence and impartiality
The FRC operates independently. We perform our functions fairly, impartially and consistently, free from interference by the auditing profession and listed entities, and from political pressure.
Accountability and transparency
The FRC believes that as a regulator, we should be accountable and transparent. We publish operational statistics, information on investigations and enquiries, and other reports. This allows the profession and the public to understand our operations and facilitates judgment of our performance.
Given the nature of our work, it is essential that members of the FRC Council and the staff are of the highest integrity. We adhere to high ethical standards in conducting our activities.
We pledge to achieve our missions efficiently, effectively and professionally.