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Audit Focus for 2022 year-end audit
Audit Focus for 2022 year-end audit 22 December 2022 To ensure high audit quality, the Accounting and Financial Reporting Council ( AFRC ) today issues Audit Focus to remind auditors on the key audit issues and areas they should take into consideration and pay particular attention to when performing 2022 audit work. Ms Janey Lai, Head of Inspection, emphasized, “Auditors should have by now completed or are in the progress of conducting audit planning to ensure a successful and smooth audit. ... Ms Lai reiterated, “As the economic environment changes from time to time, auditors should regularly re-assess the audit risk and revise the audit strategy when appropriate to ensure audit quality.”
Audit Focus for 2023 year-end audit
Audit Focus for 2023 year-end audit 22 December 2023 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. ... We therefore will hold those leadership teams responsible for any poor audit quality.”
Audit Focus - Importance of effective audit planning
Audit Focus - Importance of effective audit planning 31 July 2023 The Accounting and Financial Reporting Council ( AFRC ) today issues Audit Focus to urge auditors to take a proactive approach and commence their audit planning process well in advance of the financial year-end. Effective audit planning is the key to assuring high-quality audits. ... Our Audit Focus highlights five key areas that require special consideration in audit planning.
Manager (IT Audit)
Inspection Manager (IT Audit) Responsibilities Inspect audit working papers to assess compliance with professional standards, with particular focus on IT risks and technology components of the audit. Evaluate the audit work performed over general IT controls, automated/application controls, interfaces, and other technology areas supporting the financial statement audit. ... At least 3-years post-qualification audit experience gained from professional audit firms.
AFRC x Cyberport: AI Applications for the Accounting & Audit Profession
AFRC x Cyberport: AI Applications for the Accounting & Audit Profession AFRC and Cyberport co-hosted “AI Applications for the Accounting & Audit Profession” on 23 March 2026, bringing together industry leaders and technology experts under the officiation of our Guest of Honour, Mr Joseph Chan, JP, Under Secretary for Financial Services and the Treasury. ... Liao highlighted Tencent Cloud’s initiatives in response to the rapid evolution of AI, including practical applications in accounting and auditing that significantly improve efficiency. ... Play Video Datasnipper DataSnipper demonstrated how audit procedures can now be automated simply by providing instructions to the Excel Agent.
Completed investigation
Completed investigation 12 September 2019 On 4 September 2019, the FRC adopted the investigation report on the audit of the consolidated financial statements of a listed entity for the year ended 31 December 2014. ... In particular, the investigation revealed that, in relation to the above matters, (a) the auditor and the engagement partner failed to properly perform the relevant audit in accordance with the relevant provisions of HKSA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing ; HKSA 500 Audit Evidence ; HKSA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures ; and HKSA 620 Using the work of an auditor’s expert . (b) the engagement quality control reviewer failed to comply with the relevant provisions of HKSA 220 (Clarified) Quality Control for an Audit of Financial Statements in relation to the quality control review .
Completed investigation
Completed investigation 15 March 2019 On 13 March 2019, the FRC adopted the investigation report on the audit of the consolidated financial statements of a listed entity for the year ended 31 March 2012. ... The investigation revealed that the auditor and the engagement partner failed to perform the relevant audit, in relation to the convertible note, in accordance with the relevant provisions of Hong Kong Standard on Auditing (HKSA) 200 (Clarified) Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing and HKSA 500 (Clarified) Audit Evidence . It was also found that the engagement quality control reviewer of the relevant audit failed to fully comply with the relevant provisions of HKSA 220 (Clarified) Quality Control for an Audit of Financial Statements .
Completed investigation
Completed investigation 22 May 2019 On 20 May 2019, the FRC adopted the investigation report on the audit of the consolidated financial statements of a listed entity for the year ended 31 May 2012 ( the 2012 Financial Statements ). ... The investigation revealed that the auditor and the engagement partner failed to plan and/or perform the relevant audit, in relation to the above matters, in accordance with the relevant provisions of HKSA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in accordance with Hong Kong Standards on Auditings; HKSA 300 Planning an Audit of Financial Statements; HKSA 330 The Auditor’s Responses to Assessed Risks; HKSA 500 Audit Evidence; HKSA 510 Initial Audit Engagements – Opening Balances; HKSA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures; HKSA 620 Using the Work of an Auditor’s Expert; HKSA 700 Forming an Opinion and Reporting on Financial Statements . It was also found that the engagement quality control reviewer of the relevant audit failed to comply with the relevant provisions of HKSA 220 Quality Control for an Audit of Financial Statements in relation to the quality control review.