I am honoured to have been appointed as the Chairman of the Financial Reporting Council (FRC) at a time when we are entering into a new auditor regulatory regime and expanding our responsibilities.
As one of the leading financial centres globally, it is imperative that Hong Kong should have an effective and internationally aligned auditor regulatory regime.
The FRC has a strong governance structure and an embracing culture which embodies our core values; “integrity”, “proficiency”, “independence and impartiality”, and “accountability and transparency”. Looking forward, we will embed these core values in our new role by ensuring we have open and informative dialogue with all our stakeholders. Accountability and transparency will play a pivotal role in ensuring we effectively and publicly communicate our policies and guidelines.
With the passage of the Financial Reporting Council (Amendment) Bill 2018, we will apply to be a member of the International Forum of Independent Audit Regulators. This will enable us to be a part of the sharing of information globally on inspections and ensure we have a highly effective and consistent approach to the inspection process.
Our inspection process will seek to ensure that auditors adopt a high quality culture that over time will raise the standard of financial reporting on a consistent basis.
The FRC vows to continue to operate effectively in an impartial and independent manner. We also vow to enhance our communication to all stakeholders.
Dr Kelvin Wong, JP
Page last updated: 14 December 2018