INED Seminar Recap: “Webinar on FRC’s Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors " on 21 April 2022-香港獨立非執行董事協會有限公司

INED Seminar Recap: “Webinar on FRC’s Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors " on 21 April 2022

2022-06-10 11:36

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&nbsp; <section contenteditable="false" data-arttype="img_5" data-attr="[]" data-insertafter="true" data-readonly="true"> <section class="atrWidget widget_img_5"> <div class="swiper-container galleryImg swiper-container-initialized swiper-container-horizontal"> <div class="swiper-wrapper" style="transform: translate3d(-2130px, 0px, 0px); transition-duration: 0ms;"> <div class="swiper-slide" style="width: 700px; margin-right: 10px;"><img alt="113210_WZ9ESU.png" data-default="/resource/img/widgets/article/default/img_5_big.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/additional/20220610_113601_DDA6hh.png"> <div class="imgdes swiper-no-swiping" style="font-size:14px;color:#fff;width:100%;min-height: 40px;background: rgba(0,0,0,.5);position: absolute;bottom: 0;padding:10px;left: 0;right:0;"> </div> </div> <div class="swiper-slide" style="width: 700px; margin-right: 10px;"><img alt="113210_s8EwCX.png" data-default="/resource/img/widgets/article/default/img_5_big.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/additional/20220610_113601_4VWT4y.png"> <div class="imgdes swiper-no-swiping" style="font-size:14px;color:#fff;width:100%;min-height: 40px;background: rgba(0,0,0,.5);position: absolute;bottom: 0;padding:10px;left: 0;right:0;"> </div> </div> <div class="swiper-slide swiper-slide-prev" style="width: 700px; margin-right: 10px;"><img alt="113210_AKyayj.png" data-default="/resource/img/widgets/article/default/img_5_big.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/additional/20220610_113601_NrETQJ.png"> <div class="imgdes swiper-no-swiping" style="font-size:14px;color:#fff;width:100%;min-height: 40px;background: rgba(0,0,0,.5);position: absolute;bottom: 0;padding:10px;left: 0;right:0;"> </div> </div> <div class="swiper-slide swiper-slide-active" style="width: 700px; margin-right: 10px;"><img alt="113210_PJJXvA.png" data-default="/resource/img/widgets/article/default/img_5_big.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/additional/20220610_113601_8zvN1s.png"> <div class="imgdes swiper-no-swiping" style="font-size:14px;color:#fff;width:100%;min-height: 40px;background: rgba(0,0,0,.5);position: absolute;bottom: 0;padding:10px;left: 0;right:0;"> </div> </div> </div> <div aria-disabled="false" aria-label="Previous slide" class="swiper-button-prev" role="button" tabindex="0">&nbsp;</div> <div aria-disabled="true" aria-label="Next slide" class="swiper-button-next swiper-button-disabled" role="button" tabindex="-1">&nbsp;</div> </div> <div class="swiper-container thumbsImg swiper-container-thumbs swiper-container-initialized swiper-container-horizontal"> <div class="swiper-wrapper" style="transform: translate3d(-177.5px, 0px, 0px); transition-duration: 0ms;"> <div class="swiper-slide swiper-slide-prev" style="width: 167.5px; margin-right: 10px;"><img alt="113210_WZ9ESU.png" data-default="/resource/img/widgets/article/default/img_5_small.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/additional/20220610_113601_DDA6hh.png"> </div> <div class="swiper-slide swiper-slide-visible swiper-slide-active" style="width: 167.5px; margin-right: 10px;"><img alt="113210_s8EwCX.png" data-default="/resource/img/widgets/article/default/img_5_small.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/additional/20220610_113601_4VWT4y.png"> </div> <div class="swiper-slide swiper-slide-visible swiper-slide-next" style="width: 167.5px; margin-right: 10px;"><img alt="113210_AKyayj.png" data-default="/resource/img/widgets/article/default/img_5_small.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/additional/20220610_113601_NrETQJ.png"> </div> <div class="swiper-slide swiper-slide-thumb-active swiper-slide-visible" style="width: 167.5px; margin-right: 10px;"><img alt="113210_PJJXvA.png" data-default="/resource/img/widgets/article/default/img_5_small.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/additional/20220610_113601_8zvN1s.png"> </div> <div class="swiper-slide j_add_swiper_slide swiper-slide-visible" style="width: 167.5px; margin-right: 10px;">&nbsp;</div> </div> <div aria-disabled="false" aria-label="Previous slide" class="swiper-button-prev" role="button" tabindex="0">&nbsp;</div> <div aria-disabled="true" aria-label="Next slide" class="swiper-button-next swiper-button-disabled" role="button" tabindex="-1">&nbsp;</div> </div> </section> </section> Audit quality and audit fees are two key factors in assessing new appointments and reappointments of auditors, while audit quality is the key determinant. It is important to note that effective audit bidding encourages competition and stimulates innovation to reinvigorate the audit approach. And audit methodology, which can be very helpful in achieving audit quality. As for the assessment of audit fees, they should be kept at an appropriate level without compromising audit quality. &nbsp; In the future role of the audit committee, it is expected that the assessment of auditor independence and objectivity, as well as the review of significant financial reporting issues and judgments, can be done in cooperation with other regulatory bodies, such as the SFC, HKEX and ICAC, to promote the active adoption of these guidelines by the audit committee. Also actively promote the involvement of the audit committee and other stakeholders in these guidelines &nbsp; Seminar Outlines: <ul> <li>6 key factors for evaluating a potential auditor</li> </ul> -Governance and leadership -Compliance with relevant ethical requirements -Industry knowledge and technical competence -Engagement performance -Communication and interaction with the audit committee -Monitoring process &nbsp; <ul> <li>Additional considerations in auditor reappointment</li> </ul> -Audit effectiveness -Interaction with the audit committee -Other considerations -Relationship between the auditor management of the listed entity &nbsp; <ul> <li>How to assess audit fee</li> </ul> -Size and structure of the entities -Nature and complexity of the entities’ businesses &nbsp; <ul> <li>How to run an effective audit tender</li> </ul> &nbsp; &nbsp; <section contenteditable="false" data-arttype="img_1" data-attr="[{&quot;img_link&quot;:{&quot;type&quot;:&quot;lnk_wrap&quot;,&quot;link&quot;:[{&quot;val&quot;:&quot;&quot;}]}}]" data-insertafter="true" data-readonly="true"> <section class="atrWidget widget_img_1 addTools" data-ratio="custom" data-uploadimage="1"> <section class="j_sortable"> <section class="sortItem"><a href="javascript:;" style="display: block;" target="_blank" title=""><img alt="112953_zBxSC9.jpeg" data-default="/resource/img/widgets/article/default/img_1.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/20220610_113601_LquLtS.jpeg" width="100%"></a></section> </section> </section> <section class="desWrap" contenteditable="true" style="text-align: center;font-size: 14px;color:#999;padding-top: 10px;"> </section> </section> &nbsp; #FRC #Auditors #HKiNEDA #webinar &nbsp; Thank you, Mr. Ambrose Wong, Ms. Tracy Chan and Mr. Roy Lo for sharing your time and experience! &nbsp; <section contenteditable="false" data-arttype="img_1" data-attr="[{&quot;img_link&quot;:{&quot;type&quot;:&quot;lnk_wrap&quot;,&quot;link&quot;:[{&quot;val&quot;:&quot;&quot;}]}}]" data-insertafter="true" data-readonly="true"> <section class="atrWidget widget_img_1 addTools" data-ratio="custom" data-uploadimage="1"> <section class="j_sortable"> <section class="sortItem"><a href="javascript:;" style="display: block;" target="_blank" title=""><img alt="113242_ZHEtAn.png" data-default="/resource/img/widgets/article/default/img_1.png" src="/data/uploads/HKiNEDA_HK208_20190109164157_df7/images/article_component/127020/20220610_113601_rhZ6pC.png" width="100%"></a></section> </section> </section> <section class="desWrap" contenteditable="true" style="text-align: center;font-size: 14px;color:#999;padding-top: 10px;"> </section> </section> &nbsp; &nbsp; &nbsp;