AFRC Webinar: Upholding Governance and Reporting Quality - Insights for Directors and Audit Committees

Description:

In the evolving financial landscape, public expectations on the Board and audit committees of listed entities have heightened. Amidst multiple challenges and uncertainties, there is a pressing need for these members to uphold robust governance and ensure high-quality financial reporting.

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.

Further, the AFRC will provide actionable recommendations to members of the Board and audit committees. These recommendations are designed to reinforce good governance practices and uphold the quality of financial reporting and audit in Hong Kong, which will in turn enhance transparency, foster investor confidence and ultimately benefit the broader capital market.

Key topics to be covered:

Duties of members of the Board and audit committees when 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 members of the Board and audit committees to improve governance and financial reporting and audit quality