Financial Reporting Council (FRC) today issues its first regulatory reports since it became the full-fledged independent auditor regulator in Hong Kong on 1 October 2019. These are the first reports relating to the work of the FRC's new Inspection and Oversight functions, since their establishment under the amended FRC Ordinance.
Interim Inspection Report
The interim inspection report provides information to auditors, investors and audit committees about common audit quality findings in the middle of our first inspection cycle.
The FRC also conducted the first assessment of the statutory functions of HKICPA after being assigned the responsibility of providing oversight functions of the local accountancy body last year. The FRC seeks to ensure the effective performance of the specified functions related to the registration of local auditors of listed entities, the setting of standards on professional ethics, auditing and assurance practices, and the setting of continuing professional development requirements for public interest entity (PIE) auditors.
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