New globally accepted standards aim to improve investor confidence and “reduce the risk of material misstatements”.
January 17, 2023The PCAOB did identify some deficiencies in their inspection work, but it was able to view complete audit work papers with no redactions.
December 16, 2022Based on the number of negative findings in the files ASIC assessed, EY demonstrated the highest quality audits, followed by BDO and PwC.
November 2, 2022The AFRC is working closely with China's MOF to explore ways to streamline the process for gaining access to mainland audit documents.
October 25, 2022ASIC conducted a thematic review on root cause analysis practices at the six largest audit firms, ahead of ASQM 1 coming into effect on 15 December 2022.
October 25, 2022CPAs and accounting firms are directed to identify and fix weak links in their audit processes, and improve their ability to deal with financial fraud.
October 19, 2022Collaboration is needed to protect the public interest and maintain financial market integrity, said FRC chairman Kelvin Wong.
September 21, 2022The FSS will intensify its supervision of the accounting sector and punish serious irregularities to raise audit quality and industry professionalism.
September 13, 2022Hong Kong's Financial Reporting Council already has 13 cases involving mainland audit work papers, two of which have been concluded.
June 30, 2022The rules will address differences in how banks have implemented the ECL method, and prevent its use as a "tool" to adjust profits.
May 23, 2022