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May 28, 2019

Hong Kong’s FRC and China’s Ministry of Finance sign MoU on cooperation of audit regulation

Hong Kong’s Financial Reporting Council (FRC) and the Supervision and Evaluation Bureau (SEB) of China’s Ministry of Finance (MOF) have signed a memorandum of understanding (MoU) to promote cross-boundary cooperation.

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.

It also aims to reinforce Hong Kong’s position as an international financial centre.

The FRC’s chairman Kelvin Wong said: “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 mainland China 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. 

He continued: “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.”

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