MPFA Issues Regulatory Directive Reminding Occupational Retirement Schemes of Audit Compliance Obligations
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In its capacity as registrar of occupational retirement schemes, the MPFA issued a regulatory directive on October 27, 2026 to trustees and employers of occupational retirement schemes, reminding them of their statutory audit obligations under the Occupational Retirement Schemes Ordinance and the need to exercise due care and complete due diligence before appointing or reappointing a scheme auditor. The directive was issued against the backdrop of disciplinary action taken by the Accounting and Financial Reporting Council on the same day against an audit firm and its engagement director for deficiencies in their statutory audit and assurance work for two occupational retirement schemes. The MPFA stated that it will continue to collaborate with the Accounting and Financial Reporting Council to enhance audit quality for occupational retirement schemes and safeguard the interests of scheme members.
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- MPFA: Press ReleasesMPFA Reminds ORSO Schemes Administrators and Employers to Comply with Statutory Audit Obligations
In its capacity as registrar of ORSO schemes, the MPFA reminds ORSO schemes administrators and employers to pay attention to statutory audit obligations, in particular exercising prudence and due care when appointing scheme auditors. The MPFA has issued regulatory directives to relevant administrators and employers, reiterating the relevant responsibilities under the ORSO. The MPFA will continue to collaborate with the Accounting and Financial Reporting Council to enhance the audit quality of ORSO schemes and protect the interests of scheme members.
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