Hong 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, 2022The guidelines are intended to help audit committees adopt best practices in selecting auditors that will enhance the quality of corporate reporting.
December 21, 2021Accounting 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, 2021ASIC proposes to start communicating with company directors more routinely regarding findings from its audit inspections.
December 15, 2021The 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, 2021Under the changes, ACRA can conduct inspections on accountants for compliance with AML/CFT requirements, and impose penalties for non-compliance.
October 20, 2021EC Audit and its former director Robert James Evett have been convicted and sentenced to pay fines for failing to follow auditing standards.
August 19, 2021Audit engagements which required further evaluation and investigation in 2020 were found to have weak auditing procedures and lacked professional scepticism.
August 5, 2021The FSC will postpone for one year the requirement for stock companies' consolidated internal accounting control systems to undergo an external audit.
July 16, 2021