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AFRC highlights impact of current economic conditions on financial reporting and audit practices
Audit committees should oversee the process to ensure high-quality financial reporting. Role of auditors: Auditors should assess how economic conditions impact financial statements and audit practices. ... The preparation of financial statements involves making subjective judgements in accounting estimates, particularly those that are likely to be affected by changes in economic conditions. ... Asset impairment: Changes in the market and the economy may impact the company’s operations, which could lead to asset impairment.
Speeches and Presentations
Speeches and Presentations CEO Mr Marek Grabowski’s presentation on Late Changes of Auditors 28 March 2023 Chairman Dr Kelvin Wong’s presentation at the University of Hong Kong’s MPA programme 18 March 2023 Chairman Dr Kelvin Wong’s presentation at Hong Kong Chartered Governance Institute (HKCGI)’s director training session 17 March 2023 CEO's Speech at LegCo Panel on Financial Affairs on 2023-24 budget 17 March 2023 Chairman’s Speech at LegCo Panel on Financial Affairs on 2023-24 budget (Chinese only) 17 March 2023 Chairman Dr Kelvin Wong’s opening speech at Hong Kong Investor Relations Association (HKIRA)’s Investor Relations Symposium 13 December 2022
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
FAQs - CPA Firm
How can we change our firm name? You have to complete and submit “Notification for Change in Particulars of a CPA Firm” (Form FIRM-3) through the AFRC Online Registration System, together with all necessary supporting documents, to obtain the AFRC’s approval on the proposed name before making the change. ... You must notify the AFRC of the change by completing and submitting “Notification for Change in Particulars of a CPA Firm” (Form FIRM-3) through the AFRC Online Registration System within 14 days of the change. ... You are required to notify the AFRC of the change in partners composition by completing and submitting “Notification for Change in Particulars of a CPA Firm” (Form FIRM-3) through the AFRC Online Registration System within 14 days of the change.
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 Focus for 2023 year-end audit
With the current economic circumstance of high interest rates, inflationary pressure, and credit crunch, auditors should exercise due diligence in addressing areas that are susceptible to the impact of rising costs, alterations in contract and pricing terms, changes in credit risks, and the potential pressures or incentives for management to commit in financial reporting fraud. The key areas requiring particular attention of auditors include, but are not limited to: Revenue recognition; Impairment assessment; Fair value measurement of assets or financial instruments; Provision for onerous contracts; Going concern assessment; and Fraud risk assessment. 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.
Financial Statements Review Programme
Our Selection Approach A risk-based and/or thematic approach is adopted as appropriate to identify and select financial statements for review based on various criteria which are reviewed and set by the AFRC and may be updated in response to subsequent changes in the current profession development, economic and regulatory environment. ... If misconduct by auditor is identified, an investigation will be initiated.
CPA (practising)
Only a CPA (practising), a CPA firm or a corporate practice registered with the AFRC can hold an appointment or render a service, whether paid or unpaid, as an auditor of a company under the Companies Ordinance (Cap. 622) or accounts for the purposes of any other Ordinance. ... Update your practising information This video explains how to update your contact details and other practising information within 14 days of change(s). Renew your practising certificate This video guides you through the steps to submit your practising certificate renewal application between 1 November and 15 December of the year.