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AFRC issues open letter to PIE auditors on upholding audit quality and professional integrity amid rising IPO engagements

The key expectations include: (i) Placing Audit Quality and Integrity Above All Other Considerations (ii) Ensuring Sufficient Expertise and Resources for IPO Engagements (iii) Committing to Sustainable Resources Management to Protect Audit Quality (iv) Fulfilling the Critical Role of the Engagement Partner and Engagement Quality Reviewer (v) Other Specific Expectations for IPO Engagements Call for Immediate Action PIE auditors are strongly urged to immediately undertake a thorough evaluation of their resources and critically assess whether they possess the necessary competencies and capabilities to deliver high-quality audits for both their existing and new IPO engagements.

AFRC welcomes new appointments and reappointments to the Financial Reporting Review Panel and expresses heartfelt gratitude to retiring members

We will leverage the rich experience and professional knowledge of members of the FRRP in conducting fair, transparent and robust enquiries, and promote the sustainable development of the accounting profession.”

AFRC x Cyberport: AI Applications for the Accounting & Audit Profession

Building on the strong interest, an additional session was held on 16 April to sustain the momentum and address the profession’s keen interest in understanding how AI is reshaping accounting and auditing. ... He noted that by enabling collaboration, investment, and digital adoption, Cyberport is supporting Hong Kong’s transformation and sustainable industry upgrading.

AFRC highlights the importance of continuous professional development in ensuring audit quality and managing talent

In this way, not only audit quality is upheld, but also staff morale is boosted, which is conducive to the sustainable and healthy development of their firms and collectively the accounting profession.”

Driving quality improvement – Setting the right tone at the top for performing an effective root cause analysis and remediation

All firms should strengthen their remediation efforts to promote continuous quality improvement, which is fundamental for fostering trust with stakeholders and ensuring the sustainable development of the accounting profession.”

Discipline Committee

Appointed as an Independent Non-Executive Director of BOC Hong Kong (Holdings) Limited and Bank of China (Hong Kong) Limited in June 2023, he chairs the Audit Committee and contributes to the Risk, Strategy and Budget, and Sustainability Committees, playing a vital role in shaping governance and strategic direction. ... He is widely recognized for his expertise in corporate governance, risk management, and sustainability, making him a sought-after voice in professional forums.

Navigating economic uncertainty: Insights for 2024 year-end audits

These insights are crucial for audit committees in fulfilling their roles and responsibilities to safeguard the integrity of the financial reports, which, in turn, helps foster a resilient and sustainable financial ecosystem capable of adapting to an evolving economic landscape.”

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.

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