Breaking News: FRC is stepping up compliance on Auditors. A joint operation “Sniper” of the Financial Reporting Council (FRC) and the Independent Commission Against Corruption (ICAC) in which 3 Certified Public Accountants and 2 audit employees are held for accepting bribes for issuance of false report.  The FRC claimed in its press release that the FRC will unhesitatingly use all the enforcement tools available to it when necessary to protect the interests of the investing public and maintain Hong Kong’s reputation as an international financial centre.