Title: Directors’ Duties in Upholding Governance and Reporting Quality
Date: 12 December 2024
Time: 5:00pm – 6:30pm (90 minutes)
Language: Cantonese
Format: Hybrid
Venue 地點：Zoom Platform AND HKIoD Office, 2104 Shanghai Industrial Investment Building, 48 Hennessy Road, Wan Chai, Hong Kong
Zoom 平台及香港董事學會辦公室, 2104上海實業大廈香港灣仔軒尼詩道48號（灣仔地鐵站B1出口）
The briefing will cover the findings and key messages from the following two reports:
- Report on the Analysis of the PIE Audit Market in Hong Kong
- Roundtable Discussion on Audit Quality and Climate-integrated Audits in Hong Kong
Description:
Directors are responsible for the preparation and the true and fair presentation of financial statements. In the current financial landscape marked by multiple challenges and uncertainties, the public has high expectations on members of the board and audit committees of listed entities to uphold good governance and financial reporting quality.
In this webinar, the Accounting and Financial Reporting Council (AFRC) will provide a comprehensive overview of the composition and dynamics of the audit market of listed entities in Hong Kong, including key factors impacting audit quality that directors and audit committee members should consider when selecting and appointing auditors.
The webinar will also provide insights gathered from roundtable discussions with audit committee members and other stakeholders (investors and auditors). These insights will shed light on the threats to audit quality, as well as the stakeholders’ views on integrating climate-related considerations into financial reporting and auditing practices in Hong Kong.
Further, the AFRC will provide actionable recommendations to directors and audit committee members to reinforce good governance practices and enhance financial reporting and audit quality, ultimately benefiting the broader capital market in Hong Kong.
Key topics covered
- Duties of directors and audit committees in selecting auditors and setting an appropriate level of audit fees.
- Considerations for selecting and appointing auditors including their “tone at the top”, provision of CPD training, vacancy, attrition, the level of supervision and workload, technology deployment, and gender distribution.
- Stakeholders’ views on the latest audit landscape.
- Practical recommendations for directors and audit committee members to improve governance and financial reporting and audit quality.
Speakers’ bios:
Tracy Chan
Director, Policy, Registration and Oversight
Accounting and Financial Reporting Council (AFRC)
Tracy is a Director of Policy, Registration and Oversight at the AFRC, taking the lead in policy and governance projects, and being responsible for oversight of the specified functions carried out by HKICPA. As a project lead, she conducts policy research and develops guidance that promotes best practices on audit quality and governance. Tracy is a Certified Public Accountant and has extensive professional experience in providing assurance, regulatory and advisory services to a number of international financial institutions in Hong Kong, London, and Sydney.
Lucia Lai
Associate Director, Policy, Registration and Oversight
Accounting and Financial Reporting Council (AFRC)
Lucia is an Associate Director of Policy, Registration and Oversight at the AFRC. She conducts policy research and stakeholder engagement on topics related to the accounting profession, including the regulatory landscape and best practices. She also assists in developing guidelines to enhance financial reporting and audit quality, and is responsible for the review of registration of audit practice unit applications. Lucia is a Certified Public Accountant and has extensive professional experience in providing assurance services and regulatory compliance support.