華師話你知 – Invitation to participate in an online survey on Effective Audit Committees (PIE Auditor)

Dear Members and Affiliates,

A high quality of financial reporting and independent audits is crucial to market confidence and to the effective functioning of capital markets. A key ingredient of this is the appointment of capable and experienced auditors. Last year, the Accounting and Financial Reporting Council (AFRC) published a report titled Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors (Guidelines) to provide specific and practical guidance for audit committees to establish a robust process for this purpose. 

As a follow-up, the AFRC is launching an online survey to better understand how well the Guidelines have been implemented by listed entities in Hong Kong through the lens of the auditor. The survey seeks to identify the practical realities in auditor appointments from an auditor’s perspective, and the challenges an auditor faces in maintaining audit quality. Your views in these matters would be highly valuable to AFRC and would help shape the future of the industry.

Your participation is voluntary. The survey includes 11 questions and should take about 10 minutes. Please complete the survey by 16 December 2022 to ensure your responses are reflected in the upcoming report.  

In tandem with this, AFRC is running a simultaneous survey targeting audit committees (link: https://afrc.limesurvey.net/322586?lang=en) Your help in circulating this to the audit committees you work with would be most appreciated.

AFRC appreciates your participation and have no doubt the resulting report will provide valuable insights to you.  If you have any questions about this survey, please contact AFRC at policy@afrc.org.hk.

As an independent audit regulator, it is the mission of AFRC to maintain and enhance the quality of financial reporting and enhance investor protection in Hong Kong.  PIE auditors are an important stakeholder group on this issue and have much to contribute. AFRC invites ideas from interested parties.  Please send your ideas, along with your contact details to them using the email address above.

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