What is the difference between AFRC and HKICPA for auditors?

AFRC (Accounting and Financial Reporting Council)

• Issues and renews practising certificates.
• Registers practice units (CPA firms, corporate practices) and public interest entity (PIE) auditors.
• Inspects practice units, including their quality management and compliance with anti-money laundering and counter-terrorist financing requirements.
• Investigates and disciplines CPAs and practice units.
• Oversees how HKICPA does its statutory functions.

HKICPA (Hong Kong Institute of Certified Public Accountants)

• Remains the registration authority for CPAs, runs the CPA qualification and continuing professional development.
• Continues to set professional standards, including auditing standards (HKSAs) and the Code of Ethics, with AFRC oversight.

Timeline HKICPA's page says that as of 1 October 2022, its registration functions for practising certificates and practice units moved to AFRC. AFRC's own history page dates an earlier step, 1 October 2019, when the body gained inspection and investigation powers over auditors of listed entities; the Financial Reporting Council (Amendment) Ordinance 2021 was enacted in 2021, but the rename to AFRC and the new regime took effect only on 1 October 2022 (L.N. 65 of 2022).

For a business owner If you have a complaint or need to verify a firm, AFRC is the contact for practice units. Questions on technical accounting or auditing standards usually go to HKICPA.