Mar 10, 2022
The Financial Reporting Council (FRC) has launched its Engagement and Consultation Paper on further reform of the accounting profession (“the Paper”).
The Consultation Paper includes five consultation documents relating to the disciplinary process and sanctions approach:
A. Outline of the AFRC’s Disciplinary Process;
B. Guidelines for Exercising the Power to Impose a Pecuniary Penalty for PIE Auditors and Registered Responsible Persons;
C. Guidelines for Exercising the Power to Impose a Pecuniary Penalty for Professional Persons;
D. Sanctions Policy for PIE Auditors and Registered Responsible Persons; and
E. Sanctions Policy for Professional Persons.
It also includes FRC's engagement documents which set out the proposed policy statements and outline of processes in relation to their registration, inspection, investigation and discipline functions.
Please send your comments on the consultation documents on or before 4 May 2022, by email to: consultation@frc.org.hk.
For further information, please press: