FRC and HKICPA sign Revised Statement of Protocol on Oversight Arrangement to reflect broader oversight by the AFRC

16 Aug, 2022

Financial Reporting Council (FRC) and the Hong Kong Institute of Certified Public Accountants (HKICPA) today signed a Revised Statement of Protocol on Oversight Arrangement (Revised Statement of Protocol) which was witnessed by Mr Christopher Hui, Secretary for Financial Services and the Treasury.

The Revised Statement of Protocol includes AFRC's broader responsibilities to oversee the HKICPA's performance of its statutory functions under the further reform of the regulatory regime of the accounting profession which commences on 1 October 2022.

Dr Kelvin Wong, Chairman of the FRC remarked, “The Revised Statement of Protocol further enhances AFRC's effectiveness in overseeing the overall functions of the HKICPA in relation to the Further Reform. This in turn should enrich competence of the accounting profession and their sustainable development."

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