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AFRC Issues Open Letter to Auditors on Rapid Growth of IPO Engagements
Recommend 5 Positive 8 Negative 2 |
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The Accounting and Financial Reporting Council (AFRC) recently (13 February) issued an open letter to all public interest entity (PIE) auditors acting as reporting accountants for entities seeking to list their shares on the Stock Exchange. The letter outlines its key expectations for PIE auditors, including ensuring sufficient expertise and resources for IPO engagements, and reiterates their indispensable role in maintaining the quality of financial reporting and public trust in Hong Kong's capital markets. The recent surge in IPO activities presented unprecedented challenges in maintaining high-quality audits, the AFRC noted. The AFRC was aware that several PIE auditors have taken on an exceptionally high volume of IPO engagements in addition to their existing PIE engagement portfolios, raising serious questions about whether these auditors have the requisite competencies and capabilities to diligently fulfill their professional responsibilities without compromising audit quality. AAStocks Financial News Website: www.aastocks.com |
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