AFRC Reinforces Commitment to Financial Reporting Integrity in Hong Kong

The Accounting and Financial Reporting Council (AFRC) is committed to improving financial reporting integrity in Hong Kong, particularly concerning “bogus CPAs.” Although no specific cases have been reported, quality issues persist, with some accountants carelessly signing audit reports. To combat this, the AFRC, in collaboration with other financial bodies, is implementing measures that require auditors to display their practicing certificate numbers on audit reports and include these numbers in tax returns. CEO Janey Lai emphasized the importance of maintaining audit quality and encouraged the public to verify CPA qualifications and report any misconduct to the authorities.

Resources: https://www.afrc.org.hk/media/x0xf2kgg/afrc-pr-20241029-bogus-cpas-en.pdf