- annual renewal of practising certificates
- annual renewal of CPA Firm, Corporate Practice and PIE Auditor registrations; and
- application for registration as a Registered PIE Auditor.
News Centre
The AFRC has published the 2023 Annual Inspection Report today. The report covers the findings, observations, and insights from our 2023 inspection. To reflect our risk-based and proportionality approach to inspection, the AFRC inspected:
- 20 (or 44%) PIE auditors, covering 56 PIE engagements and 17 non-PIE engagements
- 13 (or 0.5%) non-PIE auditors, covering 25 non-PIE engagements
The number of firms inspected increased by 27%, and engagements inspected increased by 61% year-on-year. Our first inspection cycle has created a virtuous cycle among PIE auditors, resulting in heightened responsiveness and accelerated learning among the profession, thereby enhancing inspection efficiency.
Ms Janey Lai, CEO of the AFRC, stressed, “In fulfilling our dual role as a defender of law and a promoter of the accounting profession, the AFRC has been dedicating continuing efforts and considerable resources towards fostering a sustainable development of the profession. Our inspection findings demonstrated that firms that have taken guidance from the AFRC benefit from improving their audit quality. Through learning process and behavioural change take time to reflect on audit quality, we are seeing signs of improvement among most Category A firms and are confident that firm leaders of Category B and C firms could deliver high-quality audits through their undeniable responsibility to set the right tone at the top to drive a firm-wide improvement in audit quality.”
Dr Kelvin Wong, Chairman of the AFRC, concluded, “While the AFRC tangoes with the dual mission of effective regulation and market development with the audit profession, it is pivotal for the leaders of the PIE audit firms to establish and ensure an effective governance policy and system in place. The key to success lies on those firm leaders who sit at the top to exhaust their effort and wisdom to foster a firm-wide quality-driven culture. I am confident that good governance and healthy culture will drive home with superior performance”
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