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Hong Kong Accounting & Financial Reporting Council (AFRC) Received 190 Complaints Resulting in 77 Investigations & 14 Enquires, 3 Areas of Auditors Misconduct are 1) Failure to Act Diligently & Exercise Due Professional Care, 2) Failure to Exercise Professional Judgment & Maintain Professional Skepticism, and 3) Failure to Comply with Requirements Imposed by AFRC
29th August 2024 | Hong Kong
The Hong Kong Accounting & Financial Reporting Council (AFRC) had received 190 complaints resulting in 77 investigations & 14 enquires (Year ending 2024 March), with the 3 areas of auditors misconduct are 1) Failure to act diligently & exercise due professional care, 2) Failure to exercise professional judgment & maintain professional skepticism, and 3) Failure to comply with requirements imposed by AFRC. AFRC (28/8/24): “The Accounting and Financial Reporting Council (AFRC) has today published the 2024 Annual Investigation and Compliance Report (Annual INC Report) which provides an operational overview of our investigation and enquiry functions and highlights our significant findings and observations from concluded and ongoing investigations and enquiries. In the reporting period ended 31 March 2024, the AFRC received a record total of 190 pursuable complaints, of which 67% were assessed and completed. In addition, 130 sets of financial statements were selected for review under the Financial Statements Review Program. The assessments of complaints and reviews of financial statements resulted in the initiation of 77 investigations and 14 enquiries.” View 2024 Annual Investigation & Compliance Report here
“ Hong Kong Accounting & Financial Reporting Council (AFRC) Received 190 Complaints Resulting in 77 Investigations & 14 Enquires, 3 Areas of Auditors Misconduct are 1) Failure to Act Diligently & Exercise Due Professional Care, 2) Failure to Exercise Professional Judgment & Maintain Professional Skepticism, and 3) Failure to Comply with Requirements Imposed by AFRC “
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Florence Wong, Head of Investigation and Compliance: “Our report highlights the critical areas where misconduct and non-compliance continue to challenge the integrity of financial reporting and auditing. Compliance with laws, regulations and professional standards is the cornerstone of public trust and reputation in the financial markets. The AFRC spares no efforts in taking decisive regulatory actions against misconduct and non-compliance to protect the public interest and maintain the credibility of the accounting profession.”
Janey Lai, CEO of the AFRC: “Our investigation revealed that misconduct and non-compliance generally stem from a disregard for good governance. Identifying the root cause is the first step to addressing misconduct, which includes examining the corporate governance of firms and companies and ensuring a proper tone has been set by the leadership that emphasises the importance of fostering a culture of quality auditing. Promoting governance at the fundamental level is key for maintaining public trust in financial reporting as well as for the healthy development of the accounting profession.”
Dr Kelvin Wong, Chairman of AFRC: “With our persistent effort since 2019, we are encouraged to observe initial signs of improvement in the quality of financial reporting and auditing. It is imperative for the leaders of the accounting profession to cultivate a firm-wide culture of effective governance, compliance, and continuous learning that is conducive to improvement in audit quality. Robust governance and market development are complementary. They solidify public trust on the accounting profession, and thereby create positive ripple effects that will reinforce Hong Kong’s standing as a leading international financial centre.”
Accounting & Financial Reporting Council (AFRC) – The Accounting and Financial Reporting Council (AFRC) is an independent body established under the Accounting and Financial Reporting Council Ordinance. As an independent regulator, AFRC spearheads and leads the accounting profession to constantly raise the level of quality of professional accountants, and thus protects the public interest and promotes the healthy development of the accounting profession.
Hong Kong Accounting & Financial Reporting Council (AFRC) Received 190 Complaints Resulting in 77 Investigations & 14 Enquires, 3 Areas of Auditors Misconduct are 1) Failure to Act Diligently & Exercise Due Professional Care, 2) Failure to Exercise Professional Judgment & Maintain Professional Skepticism, and 3) Failure to Comply with Requirements Imposed by AFRC
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