Showing 65 - 72 of 274 results
AFRC Hosts Landmark Regional Regulatory Forum 2024 to Restore Public Trust in the Accounting and Audit Profession
AFRC Hosts Landmark Regional Regulatory Forum 2024 to Restore Public Trust in the Accounting and Audit Profession 2 December 2024 The Accounting and Financial Reporting Council ( AFRC ) hosts the Regional Regulatory Forum ( RRF ), the first-ever forum organised by an auditor regulator for both regulators and the regulated markets of the accounting profession. ... Highlighting the importance of collaboration between regulators and the regulated market to ensure high-quality audit services, Dr Wong said, “I envision a future where all key players are dedicated to continuous improvement in their respective culture and governance practices. ... They include policy, regulatory, and governance frameworks, global coordination of standards, technological disruption, sustainability reporting and assurance, and talent management strategies for futureproofing the audit industry. “The vibrant financial ecosystem of Hong Kong, as a leading international financial centre, enhances the exchange of ideas, making it an ideal cradle to gather thought leaders to discuss critical topics on key industry issues, fostering collaboration and generating innovative solutions to advance the profession."
AFRC Study Advocates for Improved Sustainability Assurance Practices and Urges Auditors to Incorporate Climate Risks in Financial Audits
PIE auditors are making progress to assess and address climate risks in financial audits. Auditors are required to assess the financial impact of climate-related risks when auditing financial statements. Category A auditors, 3 who serve clients in climatesensitive industries, are leading the way in addressing climate-related risks in financial audits. They set a high standard by providing ESG training and having ESG specialists support their financial audit teams. ... The analysis was based on the assurance reports published by the entities in 2023 and 2024. 2 These PIE auditors have at least one PIE audit engagement as of 30 April 2024. 3 Category A PIE auditors have more than 100 PIE audit engagements.
Completed enquiry and investigations
In relation to the above accounting issue, the FRC had also adopted two investigation reports on the respective audits of the Relevant Financial Statements by two auditors on 8 November 2018 and 4 February 2020. ... The FRC resolved not to require the listed entity to retrospectively correct the non-compliance identified above. Auditing irregularities As a result of the investigations, in relation to the above issues, it was found that: the auditor of the 2012 Financial Statements was in breach 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 ( HKSA 200 ); HKSA 230 (Clarified) Audit Documentation ( HKSA 230 ); HKSA 500 (Clarified) Audit Evidence ( HKSA 500 ); HKSA 540 (Clarified) Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures ( HKSA 540 ); and HKSA 560 (Clarified) Subsequent Events . the auditor and the engagement partner of the 2013 Financial Statements were in breach of: HKSA 200; HKSA 230; HKSA 260 (Clarified) Communication with Those Charged with Governance; HKSA 450 (Clarified) Evaluation of Misstatements Identified during the Audit; HKSA 500; HKSA 510 (Clarified) Initial Audit Engagements – Opening Balances; and HKSA 540 the engagement quality control reviewer of the 2013 Financial Statements was in breach of HKSA 220 (Clarified) Quality Control for an Audit of Financial Statements to carry out an objective engagement quality control review.
CEO Ms Janey Lai's Opening Remarks at SCAA's "Enhanced Inspections and Regulatory Expectations on Audit Quality" Seminar (Chinese Only)
CEO Ms Janey Lai's Opening Remarks at SCAA's "Enhanced Inspections and Regulatory Expectations on Audit Quality" Seminar (Chinese Only) 22 May 2026 各位嘉賓、各位業界同仁： 歡迎各位出席今日的簡報會。
AFRC publishes Inspection Insights and an explanatory video on the inspection of non-PIE practice units to drive continuous improvements in audit quality
AFRC publishes Inspection Insights and an explanatory video on the inspection of non-PIE practice units to drive continuous improvements in audit quality 30 November 2023 To drive continuous improvements in audit quality, the Accounting and Financial Reporting Council ( AFRC ) today published the Inspection Insights ( The Insights ) and an explanatory video on the inspection of non-PIE practice units. ... Our Insights is valuable to auditors and should enable them to achieve high audit quality when they learn and improve their systems of quality management ( SoQM ) and key aspects of the audit. ... The Insights also provides our observations to drive continuous improvement in audit quality and the critical areas for improvement throughout the audit process: Insufficiency in risk identification and assessment in audit planning and why it is important to maintaining audit quality; Lack of effective review by engagement partners and engagement quality reviewers throughout the audit; and Shortfall of enhancement of integrity and quality of the audit documentation.
Resources
Resources 【Audit Uncovered】EP1 Seeing Auditing Through a New Lens Video 【Audit Uncovered】EP1 Seeing Auditing Through a New Lens Through this video, we hope to take you deeper into how audit reports help assess the reliability of financial information, identify significant risks, and build investor confidence. Let us break it down together: what exactly does an audit do, and how does it provide reasonable assurance while becoming an indispensable part of the financial ecosystem? More 【Audit Uncovered】EP1 Seeing Auditing Through a New Lens 【AFRC Connect】EP3 Revealing the Hidden Truths of Management Fraud: The Vital Role of Journal Entry Testing Video 【AFRC Connect】EP3 Revealing the Hidden Truths of Management Fraud: The Vital Role of Journal Entry Testing In this episode, we explore how Journal Entry Testing (JET) can detect management's "financial makeup tricks".
Resources
Resources 【Audit Uncovered】EP1 Seeing Auditing Through a New Lens Video 【Audit Uncovered】EP1 Seeing Auditing Through a New Lens Through this video, we hope to take you deeper into how audit reports help assess the reliability of financial information, identify significant risks, and build investor confidence. ... More 【AFRC Connect】EP3 Revealing the Hidden Truths of Management Fraud: The Vital Role of Journal Entry Testing Showing 1 - 12 of 13 items Choose Resource Type All Resources Types Infographic Video Video Building Trust Together: Stakeholder Voices on Sustainability Assurance 10 March 2026 Building Trust Together: Stakeholder Voices on Sustainability Assurance Video Report Digest - Navigating the 2025 Year-End Audit - Key Reminders for Auditors 3 February 2026 Report Digest - Navigating the 2025 Year-End Audit - Key Reminders for Auditors Video Your Voice Matters: AFRC's Consultation on Proposed Sustainability Assurance Framework 13 January 2026 Your Voice Matters: AFRC's Consultation on Proposed Sustainability Assurance Framework Video AFRC Chairman's Message on Proposed Regulatory Framework for Sustainability Assurance in Hong Kong 2 January 2026 AFRC Chairman's Message on Proposed Regulatory Framework for Sustainability Assurance in Hong Kong Video AFRC Regional Regulatory Forum 2025 Highlights 20 November 2025 AFRC Regional Regulatory Forum 2025 Highlights Video 【Audit Uncovered】EP1 Seeing Auditing Through a New Lens 29 October 2025 【Audit Uncovered】EP1 Seeing Auditing Through a New Lens Video 【AFRC Connect】EP3 Revealing the Hidden Truths of Management Fraud: The Vital Role of Journal Entry Testing 11 August 2025 【AFRC Connect】EP3 Revealing the Hidden Truths of Management Fraud: The Vital Role of Journal Entry Testing Infographic Audit Focus Insights For Auditors on 2025 Year-End Audits 22 May 2025 Audit Focus Insights For Auditors on 2025 Year-End Audits Video 【AFRC Connect】EP2 Understand and Evaluate IT Risks and Controls 14 April 2025 【AFRC Connect】EP2 Understand and Evaluate IT Risks and Controls Video AFRC CEO Discusses Regulatory Functions and Audit Quality 10 April 2025 AFRC CEO Discusses Regulatory Functions and Audit Quality Video 【AFRC Report Digest】Reminders for 2024/25 Year-End Audits (Chinese Version Only) 4 March 2025 【AFRC Report Digest】Reminders for 2024/25 Year-End Audits (Chinese Version Only) Video 【AFRC Connect】EP1 How Important is Audit Risk Assessment? 4 February 2025 【AFRC Connect】EP1 How Important is Audit Risk Assessment?
AFRC emphasises the importance of leadership setting the right tone at the top
AFRC emphasises the importance of leadership setting the right tone at the top 27 June 2024 The Accounting and Financial Reporting Council ( AFRC ) today publishes an article titled Setting and Reinforcing Tone at the Top to Achieve Quality Audits , emphasising the importance of an audit firm’s leadership in setting and reinforcing a tone at the top that fosters a culture of ethical behaviour, integrity, and commitment to audit quality. ... A consistent tone between an audit firm’s leadership and its engagement team will ensure audit staff follow the tone and reflect it in their audit work. ... Ensure compensation is duly tied to performance in upholding audit quality. Audit committees should set a right tone at the top to: Prioritise audit quality during auditor selection and reappointment.