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The Accounting Financial Reporting Council (AFRC) today publishes the results of its follow-up survey (Survey) on the implementation progress by Public Interest Entity Auditors (PIE Auditors) for the new and revised quality management standards (the new QMSs) which require the firms to design a system of quality management (SoQM) to manage the quality of engagements performed by the firms.  The new QMSs will become effective on 15 December 2022 (effective date). As of the end of September 2022, we surveyed in total 44 Registered PIE Auditors and 24 overseas Recognized PIE Auditors with a 100% response rate.

Ms. Janey Lai, Head of Inspection of the AFRC, explained, “This survey result puts an alarm to drive PIE Auditors regarding the fast-approaching effective date of the new QMSs.  It provides a benchmark for them to measure their implementation progress against their peers.  We urge those auditors who are lagging behind schedule to take swift actions to ensure the timely implementation of the SoQM such that audit quality would not be compromised.”

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