The Accounting and Financial Reporting Council (AFRC) has released its 2024 Annual Investigation and Compliance Report, detailing its investigation and review activities. In the past year, the AFRC received a record 190 pursuable complaints, with 67% completed, and reviewed 130 sets of financial statements. This led to 77 investigations and 14 enquiries. CEO Janey Lai emphasized that improving corporate governance and setting a strong leadership tone are crucial for addressing misconduct and ensuring quality auditing. Chairman Dr. Kelvin Wong noted signs of improvement in financial reporting and auditing quality and stressed the importance of effective governance in maintaining public trust and enhancing Hong Kong’s status as a financial hub.
Resources: https://www.afrc.org.hk/en-hk/news-centre/news/the-importance-of-regulatory-synergy-in-upholding-financial-reporting-and-audit-quality/