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Appointment to Financial Reporting Council
     The Government announced today (September 28) the re-appointment of Mr Keith Lui Kei-kwong as a Non-Executive Director (NED) of the Board of the Financial Reporting Council (FRC) for a term of two years from October 1, 2022, to September 30, 2024, in accordance with the Financial Reporting Council Ordinance (Cap. 588).
     Announcing the appointment, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The new regulatory regime of the accounting profession will soon commence on October 1, 2022, under which the FRC, renamed as the Accounting and Financial Reporting Council (AFRC), will become a full-fledged independent regulatory and oversight body of the accounting profession. We will continue to work with the AFRC Board to strive for the effective regulation and sustainable development of the accounting profession."
     Upon the commencement of the new regulatory regime of the accounting profession on October 1, 2022, the AFRC, on top of its existing regulatory powers in relation to public interest entity (PIE) auditors, will be vested with expanded statutory functions to issue practising certificates to certified public accountants, register practice units and PIE auditors, and deal with matters regarding inspection, investigation and discipline. The AFRC will also be responsible to promote the development of the accounting profession and oversee the Hong Kong Institute of Certified Public Accountants' performance of its various statutory professional functions.
     The full membership of the AFRC Board is as follows:
Chairman (who is an NED)
Dr Kelvin Wong Tin-yau
Mr Roger T Best
Mr Eugene Fung Ting-sek, SC
Mr Stephen Hung Wan-shun
Ms Miranda Kwok Pui-fong
Ms Rosita Lee Pui-shan
Mr Stephen Lee Hoi-yin
Mr Keith Lui Kei-kwong
Mr Francis Siu Wai-keung
Mr Peter Wan Kam-to
Mr Edward Yuen Siu-bun
Executive Director
Mr Marek Grabowski (Chief Executive Officer of the AFRC)
Ends/Wednesday, September 28, 2022
Issued at HKT 17:00
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