Mission Statement

As the independent regulator of the accounting profession in Hong Kong, one of the AFRC’s functions is to oversee the Hong Kong Institute of Certified Public Accountants (HKICPA)’s performance of its statutory functions. In this regard, the AFRC’s strategic purpose is to ensure the accountability, integrity and effectiveness of the HKICPA in discharging its statutory responsibilities.

The AFRC achieves this by observing, monitoring, assessing and providing recommendations to the HKICPA, with a particular focus on areas that have a high impact on the public interest. These actions would allow the AFRC to achieve the ultimate objectives of enhancing the quality of financial reporting and audit in Hong Kong, upholding Hong Kong’s position as a competitive international financial centre, and fulfilling our statutory duty of promoting the healthy development of the accounting profession.

Oversight Scope

Pursuant to the Accounting and Financial Reporting Council Ordinance (AFRCO), the AFRC oversees the performance of the HKICPA of the following functions (Specified Functions):

• ascertaining whether persons are qualified for registration as certified public accountants by conducting examinations and acting in such other manner as may be necessary, and dealing with applications and other matters relating to be registration of certified public accountants;
• arranging with accountancy bodies in places outside Hong Kong for the mutual or reciprocal recognition of accountants;
• setting continuing professional development requirements for certified public accountants;
• issuing or specifying standards on professional ethics, and accounting, auditing and assurance practices, for certified public accountants; and
• providing training for qualifying for registration as, and the continuing professional development of, certified public accountants.