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FRC completes an investigation relating to an auditor’s failure to obtain necessary evidence to conclude that an associate was not impaired
14 Dec, 2021

​The FRC adopted an investigation report finding that the auditor (the Auditor) of a listed entity (Listed Entity) failed to obtain sufficient appropriate audit evidence in relation to the impairment assessment of the Listed Entity's investment in an associate (the Investment). The Investment was included in the Listed Entity's consolidated financial statements for the year ended 31 December 2018 (2018 Financial Statements). 

Under the transitional provisions of the amended FRC Ordinance, since the relevant audit was completed before 1 October 2019, the investigation report has been referred to the Hong Kong Institute of Certified Public Accountants to determine if any disciplinary actions are warranted.  Names of the relevant parties are being withheld at this time to avoid prejudicing any related disciplinary proceedings.

The investigation was initiated in December 2019, following a complaint received in May 2019. 

For details, please click here.

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