Financial Reporting and Auditing Alert


The Institute's Standards and Quality division is launching a series of alerts drawing members attention to topical financial reporting and auditing issues that should be given particular attention. In view of the current global financial crisis the first issue of the alerts will deal with the potential implications for our members involved in preparing and auditing financial statements. The focus of the alerts will change over time as circumstances change. The Institute believes that it is an important element of both its regulatory and member support functions that this channel of communication is established.

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Issue Number
Issue Date
No. 1Financial instruments disclosuresFebruary 2009
No. 2Going concernMarch 2009
No. 3Solicitors' accounts - Client moneyMay 2009
No. 4Updates to Hong Kong Standards on Auditing for the new International Standards on AuditingJune 2009
No. 5PN 820 The Audit of Licensed Corporations and Associated Entities of IntermediariesDecember 2009
No. 6Educational points on HKAS 1 identified from reviews of published financial statements under the Institute's professional standards monitoring programmeJanuary 2010
No. 7HKFRS for Private Entities - Statement of IntentJanuary 2010
No. 8Report on practice reviews of practices with listed clientsMarch 2010
No. 9Educational points identified from reviews of published financial statements – HKAS 16 and HKAS 40May 2010
No. 10Operating segments: a management approachSeptember 2010
No. 11HK Interpretation 5 Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand ClauseNovember 2010
No. 12Statement of cash flowsDecember 2010
No. 132010 report on practice reviews of practices with listed clientsJanuary 2011
No. 14Preparation of accounting records and financial statements for an audit clientFebruary 2011
No. 15Implementation of revised Code of Ethics for Professional Accountants from SMP's perspectiveAugust 2011
No. 16Alert on professional scepticism and audit of mainland companiesJanuary 2012
No. 17Audits of group financial statements  –  HKSA 600January 2013
No. 18Documentation requirements for group auditors and practical implications for auditor regulation in Hong KongApril 2013
No. 19Reminder on the timing for opting for reporting exemption and on consolidation matters under SME-FRF & SME-FRS (Revised)September 2014
No. 20Auditor's report signing arrangementsApril 2015
No. 21Provisional regulations on CPA practices carrying out audit services relating to the listing of Mainland enterprises outside Mainland July 2015
No. 22International Education Standard (IES) 8 Professional Competence for Engagement Partners Responsible for Audit of Financial StatementsJune 2016
No. 23New elements in the practice review selection processOct 2016
No. 24Are you ready for the next wave of change in accounting standards?December 2016
No. 25Keeping your head above water – financial reporting considerations for 2017July 2017