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Gazettal of Registration of Determinations and Orders of Public Interest Entities Auditors Review Tribunal Rules
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     The Registration of Determinations and Orders of Public Interest Entities Auditors Review Tribunal Rules were gazetted today (October 16) to provide for matters relating to the registration of a determination or order of the Public Interest Entities Auditors Review Tribunal (PIEART) in the Court of First Instance (CFI) pursuant to section 37ZB of the Financial Reporting Council Ordinance (FRCO).

     The PIEART was established pursuant to part 3C of the FRCO on October 1, 2019, with jurisdiction to review and make determination on a review of (a) decisions of the Hong Kong Institute of Certified Public Accountants relating to registration of local Public Interest Entities (PIE) auditors; (b) decisions of the Financial Reporting Council (FRC) relating to recognition of overseas PIE auditors; and (c) disciplinary decisions of the FRC.
 
     Section 37ZB of the FRCO provides that the CFI may on written notice register a determination or order of the PIEART in the manner prescribed by the Chief Justice of the Court of Final Appeal. The Rules seek to prescribe the manner in which a notice for registration is to be given by the PIEART.
 
     A government spokesman said, "Upon the commencement of the Rules, the PIEART determinations and orders will on registration be regarded as determinations and orders of the CFI for enforcement."
 
     Since the commencement of the new auditor regulatory regime on October 1, 2019, the FRC has assumed an enhanced role in strengthening the regulation of the audit profession and improving the quality of financial reporting of entities listed in Hong Kong. It has become a full-fledged and independent oversight body regulating auditors of listed entities with responsibilities for the inspection, investigation and disciplinary functions with regard to these auditors.
 
     The Rules will be tabled before the Legislative Council at its sitting on October 21, 2020, for negative vetting and will come into operation on December 14, 2020.
 
Ends/Friday, October 16, 2020
Issued at HKT 11:00
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