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FRC signs Memorandum of Understanding with HKICPA

06 May 2021

The Financial Reporting Council (FRC) and the Hong Kong Institute of Certified Public Accountants (HKICPA) today signed a Memorandum of Understanding (MoU) to enhance efficient and effective cooperation and coordination of their respective functions.

 

The FRC is the independent regulator of public interest entity auditors (PIE auditors). It exercises direct powers of inspection, investigation and discipline over PIE auditors in relation to their engagements for listed entities. The HKICPA is responsible for dealing with applications for registration of Hong Kong PIE auditors, as well as setting continuing professional development requirements and auditing and ethical standards for PIE auditors, under the oversight of the FRC. The HKICPA is also responsible for carrying out practice reviews of practice units and regulating the professional conduct and standards of members of the HKICPA.

 

The FRC and the HKICPA share a common goal in improving audit quality and the standards of professional conduct of PIE auditors and of the accountancy profession in general. Under the MoU, the FRC and the HKICPA agree to refer cases to each other, and to share information to assist each other in the timely exercise of their respective functions.

 

The MoU was signed by Mr Marek Grabowski, CEO of the FRC and Ms Margaret W.S. Chan, Chief Executive and Registrar of the HKICPA in the presence of Mr Sam Hui, Deputy Secretary for Financial Services & the Treasury (Financial Services), Dr Kelvin Wong, Chairman of the FRC, Mr Raymond Cheng, President of the HKICPA and senior management from both parties.

 

“Our members are best served by regulators working efficiently together, we are pleased to see our two organizations sign this new agreement. The HKICPA has long advocated audit quality and this MoU will contribute to the continuing development of the Hong Kong audit market. Through close and coordinated activities the HKICPA and the FRC can also work together to ensure the high level of confidence in our capital markets remains, supporting Hong Kong’s long term development and continuing development of the Hong Kong PIE audit market,” said Mr Raymond Cheng of HKICPA.

 

Dr Kelvin Wong, Chairman of the FRC concluded fervently, “The new MoU signed today will ensure the FRC and the HKICPA to work even more closely together in fulfilling the objectives of the new independent auditor regulatory regime for listed entities in Hong Kong. Enhanced information sharing and referrals will enable co-ordinated effort to achieve a robust regulatory regime that drives high quality financial reporting and auditing for listed entities. This is in the interest of the profession as well as the interests of the investing public and the wider public interest.”

 

 

財匯局與香港會計師公會簽署諒解備忘錄

 

財務匯報局(財匯局)與香港會計師公會公會今天簽署了一份諒解備忘錄,以加強雙方在各自職能的有效合作及協調。

 

財匯局是獨立的公眾利益實體核數師監管機構,就公眾利益實體核數師公眾利益實體進行的審計項目,行使查察、調查及紀律處分的直接權力。在財匯局的監督下,公會負責處理香港公眾利益實體核數師的註冊申請公眾利益實體核數師持續專業進修設定要求,並就公眾利益實體核數師核數和專業道德定標準。公會亦負責就執業單位進行執業審查,並規管公會員的專業操守及標準。

 

財匯局與公會以提升審計質素,以公眾利益實體核數師和會計業界體的專業操守標準為共同目標。在諒解備忘錄的框架下,財匯局及公會同意互相轉介個案,並透過交流資訊,互相協助方適時行使各自的職能。

 

諒解備忘錄由財匯局行政總裁Marek Grabowski先生及公會行政總裁兼註冊主任陳詠新女士簽署,並由財經事務及庫務局副秘書長(財經事務)許澤森先生、財匯局主席黃天祐博士公會會長鄭中正先生及雙方的高級管理人員見証。

 

公會會長鄭中正先生表示:「監管機構有效的合作,對會員有莫大裨益,公會樂見雙方簽署了這份新的諒解備忘錄。公會一直致力提倡審計質素的重要性份諒解備忘錄將可推動香港審計市場的持續發展。通過緊密合作及協調活動,公會與財匯局將並肩合作,以確保公眾對香港資本市場的信心維持於高水平,支持香港的長遠發展及香港公眾利益實體審計市場的持續發展。

 

財匯局主席黃天祐博士說:今天所簽署的新諒解備忘錄將確保財匯局與公會更緊密地合作,以實現在新的獨立公眾利益實體核數師監管制度下所設定的目標。加強交流資訊及轉介將有助協調工作,使監管制度行之有效,從而推動上市實體財務匯報及審計質素,以保障業界投資大眾及廣泛公眾利益

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