The government has launched a public consultation on proposals to improve the regulatory regime for listed entity auditors. The reform proposals aim to enhance the independence of Hong Kong's regulatory regime for listed entity auditors from the audit profession, with a view to ensuring that it is benchmarked against international standards and continues to be appropriate in the local context. Under the reform proposals, the regulatory remit of the Financial Reporting Council (FRC) will be expanded to oversee the regulatory regime for listed entity auditors, and the Hong Kong Institute of Certified Public Accountants (HKICPA) will be designated by law to perform the statutory functions of registration, setting of continuing professional development requirements and setting of standards on professional ethics, auditing and assurance with respect to listed entity auditors under the independent oversight by the FRC.
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