News Centre

The Supervision and Evaluation Bureau (SEB) of the PRC’s Ministry of Finance (MOF) and the Financial Reporting Council (FRC) of the Hong Kong Special Administrative Region signed a Memorandum of Understanding (MOU) on cooperation in respect of audit regulation which marked a new page of collaboration on 22 May 2019.

 

The MOU was signed by Dr Gao Jinxing, Director General of the SEB and Ms Wincey Lam, Acting CEO of the FRC in the presence of Mr James Lau, Secretary for Financial Services and the Treasury of the HKSAR Government, Ms Song Wei, Deputy Director, Coordination Department of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region and Dr Kelvin Wong, Chairman of the FRC.  The MOU aims to enhance the quality and reliability of listed entities’ audits in order to protect the interests of investors and the public, and strengthen public trust in financial reporting and investors’ confidence in capital markets, thereby reinforcing Hong Kong’s position as an international financial centre.

 

Dr Kelvin Wong, Chairman of the FRC remarked, “When the Financial Reporting Council (Amendment) Ordinance 2019 takes effect, the FRC will be vested with the direct powers of inspection, investigation and discipline concerning auditors of listed entities.  It is indeed an opportune time for us to sign the MOU with the SEB.  The MOU facilitates our ability to gain access to audit working papers located in the Mainland through an effective mechanism and clear procedures, thereby enhancing our efficiency in discharging our duties in respect of inspection and investigation as an effective independent auditor regulator.  We would like to express our heart-felt thanks to Dr Gao Jinxing for his continued support and assistance to the FRC.  We believe that with the MOU in place, the FRC and the SEB will be able to further promote cross-boundary collaboration on audit regulation. ’

 

For details, please visit press release.

For remark by Dr Kelvin Wong, Chairman of FRC, please visit speech​. 

For photos, please visit photo gallery.