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The Accounting and Financial Reporting Council (AFRC) today issues Audit Focus to emphasize the importance of remaining vigilant about the financial and audit implications that may arise as a result of the continued deterioration in economic conditions and the overall performance of listed companies. Auditors are expected to improve the quality of work in upcoming year-end audits through heightened professional skepticism on key risk areas in the Audit Focus.

Ms Janey Lai, Acting CEO remarks, “By focusing on the key risks outlined in this Audit Focus, auditors can identify potential areas of material misstatement or fraud and allocate the necessary resources to address them. Firm leadership, including Chairpersons and Managing Partners, plays a pivotal role in driving commitment to quality at all levels within their firms and ensuring the delivery of quality audits.  Good audit quality stems from the right tone from the top and the concerted efforts they have exerted to ensure the engagement quality echoes their tone. We therefore will hold those leadership teams responsible for any poor audit quality.”

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