FRC Bill developments

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's response to the Bill (9 March 2018)
Chief Executive and Registrar's speech at the Bills Committee (20 March 2018)

 

The Institute published a media statement in response to the gazettal on 19 January: 

     

    Media Coverage

     

     

    Third Bills Committee Meeting (10 April)

    The third meeting of the Bills Committee took place on 10 April. 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:

    1. Guidance on sanctions determination and application;
    2. Regulation of non-Hong Kong auditors;
    3. EU equivalence; and
    4. 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.


    Media Coverage

       

       

      Second Bills Committee Meeting (20 March)

      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

       

       

      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: 

       

      Institute consultation (October 2013 – January 2014)