Showing 89 - 96 of 274 results
Reports
Reports Inspection Key Observations from the AFRC Survey 2025 Audit Quality Management System 2 June 2026 Inspection Anti-Money Laundering and Counter-Terrorist Financing - Frequently Asked Questions on Suspicious Transaction Reporting Anti-Money Laundering and Counter-Terrorist Financing 7 May 2026 Policy and Governance Transparency Reports: Building Trust and Unlocking Audit Excellence Audit Corporate Governance Quality Management System 16 February 2026 Inspection Checkpoint - Information Produced by the Entity for Use as Audit Evidence Audit 18 December 2025 Policy and Governance Global Developments in Audit Regulation: Key Insights for Hong Kong Audit Corporate Governance Quality Management System 7 November 2025 Inspection Audit Focus: 2025 Year-End Audits Audit Corporate Governance Quality Management System 3 October 2025 Inspection Audit Focus: 2025 Year-End Audits - Financial Services Sector Audit 3 October 2025 Oversight 2024-25 Oversight Report on HKICPA’s Performance of Specified Functions Audit Financial Reporting 20 August 2025 Policy and Governance Upholding Trust in Capital Markets: Maintain Healthy Practices in Auditor Appointments and Audit Fee Setting Audit Auditor Changes Corporate Governance 31 July 2025 Investigation and Compliance 2024-25 Annual Investigation and Compliance Report Audit Financial Reporting 1 July 2025 Inspection 2024-25 Annual Inspection Report Audit Corporate Governance Quality Management System 1 July 2025 Policy and Governance How Should Auditors Consider Tariff Disruptions in Audits? Audit 16 April 2025
Reports
Reports Inspection Checkpoint - Reminders for Auditors’ Reporting on Licensed Corporations Audit 28 March 2025 Policy and Governance Market Readiness for Sustainability Reporting and Assurance in Hong Kong Corporate Governance Sustainability Assurance 27 January 2025 Inspection Checkpoint – Obtaining an Understanding of the Audit Clients’ IT Environments Audit Technology 24 January 2025 Inspection Inspection Insights – Root Cause Analysis and Remediation: A Call to Action for Quality Improvement Audit Quality Management System 1 December 2024 Inspection Overview of the Non-Public Interest Entity Audit Market in Hong Kong Audit Quality Management System 30 October 2024 Policy and Governance Audit Implications of Current Economic Conditions for Hong Kong-listed Companies Audit Auditor Changes Corporate Governance Sustainability Assurance 21 October 2024 Inspection Audit Focus: 2024 year-end audits Audit Corporate Governance Quality Management System 9 October 2024 Policy and Governance Safeguarding Auditor Independence: Concerns Surrounding Procurement and Purchases from Audit Clients Audit Corporate Governance Quality Management System 4 October 2024 Oversight 2024 Oversight Report on HKICPA’s Performance of Specified Functions Audit Financial Reporting 16 September 2024 Investigation and Compliance 2024 Annual Investigation and Compliance Report Audit Financial Reporting 28 August 2024 Inspection 2023 Annual Inspection Report Audit Corporate Governance Quality Management System 11 July 2024 Inspection Analysis of Listed Entities Suspended from Trading Due to Delay of Preliminary Annual Results Announcement Audit Auditor Changes Corporate Governance Quality Management System 5 July 2024
AFRC advocates the value of transparency reports in driving trust and market confidence
Communicating commitment and measures to uphold audit quality High-quality audits are the result of deliberate and sustained investment by audit firms in people, principles, and processes. As these measures are not always visible to audit committees and investors, this can result in auditor appointment or reappointment decisions being disproportionately influenced by audit fees, rather than by an informed assessment of an audit firm’s audit quality. ... By making the drivers of audit quality visible, audit firms signal their leadership and strengthen public confidence in audits.
Reports
Reports Inspection 2022 Annual Inspection Report Audit Corporate Governance Quality Management System 11 July 2023 Policy and Governance 2023 Survey Report on the Implementation of Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors Audit Auditor Changes Corporate Governance 24 March 2023 Policy and Governance Audit Fees Paid by Listed Companies in Hong Kong in 2020/2021 Audit Auditor Changes Corporate Governance Financial Reporting 24 March 2023 Inspection Follow-up Open Letter on Auditor Changes Audit Auditor Changes Corporate Governance 11 January 2023 Inspection Audit Focus: 2022 financial year-end audits reminders Audit Auditor Changes Quality Management System 22 December 2022 Oversight 2022 Oversight Report on HKICPA’s Performance of the Specified Functions Audit Financial Reporting 15 November 2022 Inspection 2022 Interim Inspection Report Audit Quality Management System 15 November 2022 Inspection New and revised quality management standards follow-up survey on implementation progress by PIE Auditors Quality Management System 10 November 2022 Inspection Open letter regarding late auditor resignations Auditor Changes 27 October 2022 Investigation and Compliance 2022 Annual Investigation and Compliance Report Audit Financial Reporting 20 October 2022 Inspection 2021 Annual Inspection Report Audit Quality Management System 23 June 2022 Inspection An External Auditor’s Guide to Performing Root Cause Analysis Audit Quality Management System 17 June 2022
AFRC presents key findings and insights from its Inspection and Investigation & Compliance Reports to strengthen Transparency, Regulation, and Development
The profession is making progress in improving audit quality, supported by a clear commitment from firms in enhancing the quality of their audit work. ... The report also flags continued challenges to audit quality, particularly in relation to first-year audits, audit fee pressures, and hasty client and engagement acceptance decisions. ... Areas of Concern First-year audits and fee pressure The AFRC inspected 16 first-year audits in the 2024-25 fiscal year.
Reports
Reports Inspection New and revised quality management standards Survey on implementation progress by PIE Auditors Quality Management System 31 March 2022 Oversight Report on the FRC's Assessment of HKICPA's Performance of the Specified Functions Audit Financial Reporting 16 December 2021 Investigation and Compliance 2021 Annual Investigation and Compliance Report Audit Financial Reporting 3 November 2021 Inspection 2021 Interim Inspection Report Audit Quality Management System 3 November 2021 Inspection 2020 Annual Inspection Report Audit Quality Management System 3 June 2021 Policy and Governance Report on Overview of the Market for Listed Entity Audits in Hong Kong Audit Auditor Changes Corporate Governance 11 March 2021 Inspection 2020 Interim Inspection Report Audit Quality Management System 11 December 2020 Oversight Report on the FRC’s Assessment of the HKICPA’s Performance of the Specified Functions Audit Financial Reporting 11 December 2020 Oversight Abridged Report on the FRC’s Assessment of the HKICPA’s Performance of the Specified Functions Audit Financial Reporting 11 December 2020
AFRC issues a follow-up open letter to reiterate expectations on auditor changes
Using “disagreement over audit fees” as a catch-all explanation for auditor resignations. In view of the above issues, the follow-up letter sets out specific expectations for incoming auditors, outgoing auditors and audit committees, all of which have their important roles to play and are accountable for ensuring the quality of financial reporting and audits. ... We urge PIE auditors and audit committees to take heed of our concerns and implement our recommendations.
FRC issues first regulatory reports
Although much of the work we inspected was of an appropriate standard, there is an evident need for the incidence of audit deficiencies to be reduced, so as to improve audit quality across the market for listed entity audits.” ... The reports are highly relevant to our stakeholders including the audit profession, audit committees and the public. We urge audit committees to do their part in holding their auditors to account for performing their audits to a high quality.