Date 日期：Tuesday 11 July 2023 ● 2023年7月11日（星期二）
Theme 主題：Directors’ duties: Guidelines on Selecting Auditors and Setting Audit Fees
Key topics to be covered:
- The role of AFRC;
- Duties of directors and audit committees in selecting auditors and setting audit fees;
- Considerations for selecting and appointing auditors;
- Considerations for setting adequate audit fees;
- Practical recommendations on actions for directors and audit committees in the event of auditor resignation; and
- AFRC’s concerns on late auditor resignations.
Speakers 主持：
Ms Mary Leung, Head, Policy, Registration and Oversight, AFRC
Ms Tracy Chan, Director, Policy, Registration and Oversight, AFRC
Time 時間：
5:00–6:00 pm
Event mode 活動模式: Zoom
Venue 地點：Zoom Platform
Language 語言：English 英語主講
CPD: 1 Hour 小時
Admission Fees 費用：Free of charge 免費
Participants 參加者：HKIoD members and their invited guests 本會會員及其賓客
Seats are limited and reservation will be entertained on a first-come-first-served basis. 活動名額有限，先到先得。
Description 簡介：
Directors are responsible for the preparation and the true and fair presentation of the financial statements. Financial statements convey the business activities and financial performance of a company, while audits provide credibility to financial statements and give public confidence in their truthfulness and fairness. In a rapidly changing environment, the public has higher expectations on the boards of listed companies and their audit committees to uphold the quality of financial reporting. In this context, board directors must have a heightened sense of responsibility when assessing audit quality and better understand the impact that the appointment of an auditor or the setting of audit fees may have on audit quality. However, some directors may face pain points of not knowing what actions they can take.
In this webinar, Accounting and Financial Reporting Council (AFRC) will provide an overview of the guidelines for selecting and appointing auditors and setting audit fees as set out in the “Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors” (Guidelines) published in December 2021. AFRC will also outline the findings of two reports[1] published in March 2023 on the implementation of the Guidelines by audit committees and on audit fees in Hong Kong. The implementation of the Guidelines is crucial to upholding the quality of audit, financial reporting and corporate governance.
[1] In March 2023, AFRC published two reports on the appointment of auditors by audit committees and on audit fees in Hong Kong:
- The 2023 Survey Report on the Implementation of the Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors (the Survey Report) contains results of AFRC’s online survey on the practical realities facing auditors and audit committees in the appointment of auditors and the setting of audit fees.
- The Audit Fees Paid by Listed Companies in Hong Kong 2020-2021 (the Audit Fees Report) analyses the audit fees paid by listed companies and what effects, if any, COVID-19 and the ensuing economic downturn have had on the market.
Background information:
About the AFRC
AFRC is an independent body established under the Accounting and Financial Reporting Council Ordinance. As an independent regulator, AFRC spearheads and leads the accounting profession to constantly raise the level of quality of professional accountants, and thus protects the public interest. For more information about the statutory functions of the AFRC, please visit https://www.afrc.org.hk.
Speakers’ bio
Ms Mary Leung, Head of Policy, Registration and Oversight, AFRC
Mary is the Head of Policy, Registration and Oversight at the Accounting and Financial Reporting Council (AFRC). In her role, she is responsible for setting policy, and for delivering the statutory functions relating to the registration of audit practitioners and the oversight of the HKICPA. Mary is focused on the initiatives that would fulfil AFRC’s mission of promoting the sustainable development of the profession. She leads a team of professionals that drives policy research and publishes guideline on issues relating to governance, financial reporting and audit, with the ultimate objective of enhancing audit and financial reporting quality and raising professionalism in Hong Kong. Mary has a proven track record in stakeholder engagement in the Asia Pacific region, and has worked with the CFA Institute and other global financial institutions for over 20 years.
Ms Tracy Chan, Director of Policy, Registration and Oversight, 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 the review of registration applications from practice units and 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.