All posts tagged "audit quality"
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205ChinaHK FRC Explores Joint Audit Inspections with Mainland Authorities
Hong Kong's Financial Reporting Council already has 13 cases involving mainland audit work papers, two of which have been concluded.
June 30, 2022 -
498Capital / LiquidityCBIRC Issues Rules to Standardise ECL Processes at Banks
The 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 -
218Hong Kong
Hong Kong FRC Issues Guidance for Audit Committees
The guidelines are intended to help audit committees adopt best practices in selecting auditors that will enhance the quality of corporate reporting.
December 21, 2021 -
390ChinaChina Directs Accounting Firms to Improve Governance, Audit Quality
Accounting firms are asked to conduct their annual self-evaluation and reviews using a new 'evaluation index system', and submit self-assessment reports by 31 May each year.
December 16, 2021 -
274Australia & NZASIC Consults on How it Communicates Audit Review Findings
ASIC proposes to start communicating with company directors more routinely regarding findings from its audit inspections.
December 15, 2021 -
322ChinaChina Proposes Revisions to CPA Law to Improve Audit Quality
The revisions allow for foreign regulators to sign a regulatory cooperation agreement or memorandum with the State Council if they wish to access audit work papers.
October 28, 2021 -
301AML / KYCSingapore Consults on Amendments to Accountants Act
Under the changes, ACRA can conduct inspections on accountants for compliance with AML/CFT requirements, and impose penalties for non-compliance.
October 20, 2021 -
226Australia & NZ
Australian Court Issues Fines in First Criminal Case of Bad Audits
EC Audit and its former director Robert James Evett have been convicted and sentenced to pay fines for failing to follow auditing standards.
August 19, 2021 -
244MalaysiaMalaysian Regulators Ask Auditors to Up Their Game
Audit engagements which required further evaluation and investigation in 2020 were found to have weak auditing procedures and lacked professional scepticism.
August 5, 2021 -
225KoreaFSC Korea to Delay Implementation of New Audit Requirement
The FSC will postpone for one year the requirement for stock companies' consolidated internal accounting control systems to undergo an external audit.
July 16, 2021
