Hong Kong Accounting and Financial Reporting Commitment to Credibility

Accounting and tax returns, Corporate tax returns, Incorporation of a limited company, 未分類

The Accounting and Financial Reporting Council (AFRC) is committed to strengthening the credibility of financial reporting in Hong Kong

The Accounting and Financial Reporting Council (AFRC) has been working hard to enhance the credibility of financial reporting in Hong Kong, including focusing on the problem of “fake accountants”. Although no such cases have been identified, signs of a surge in the number of accountants who have violated professional ethics are becoming increasingly apparent. In order to address this problem, the AFRC has worked with relevant departments to formulate the following measures:

  1. amending the Hong Kong Standards on Auditing to require all persons issuing audit reports to disclose their practising certificate numbers;
  2. Include the practising certificate number in the tax return and require the Hong Kong incorporated company to fill in the practising certificate number of the person who issued the audit report in the tax return.

The Chief Executive Officer of the AFRC expressed concern about accounting misconduct that could undermine the overall quality of financial reporting, and stressed that there would be no compromise on neglect of audit quality and professional standards. The AFRC encourages the public to remain vigilant and report any concerns related to the accounting profession in a timely manner, and provides a channel for enquiring about the qualifications of certified public accountants and companies and reporting misconduct.

The Accounting and Financial Reporting Council (AFRC) is an independent body that aims to enhance professional quality, protect the public interest and promote the sustainable development of the industry through effective regulation.

Press Release https://www.afrc.org.hk/media/soqp25d1/afrc-pr-20241029-bogus-cpas-tc.pdf 2024-10-29

Search for Certified Public Accountant / Auditor https://www.afrc.org.hk/zh-hk/auditor-search/find-a-cpa-practising

Search for Accounting Firms / Corporate Practices https://www.afrc.org.hk/zh-hk/auditor-search/find-a-cpa-firm-corporate-practice

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