HKICPA Members' Handbook Volume III "Auditing and Assurance Standards"

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Auditing and Assurance Standards

Auditing and Assurance Standards in Hong Kong are known as Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services.

The Preface to Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services sets out the objectives and due process of the Council of the HKICPA in respect of Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services.

The term "Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services" includes:

	Hong Kong Standards on Quality Control (HKSQCs)
	Hong Kong Framework for Assurance Engagements
	Hong Kong Standards on Auditing (HKSAs)
	Hong Kong Standards on Review Engagements (HKSREs)
	Hong Kong Standards on Assurance Engagements (HKSAEs)
	Hong Kong Standards on Investment Circular Reporting Engagements (HKSIRs)
	Hong Kong Standards on Related Services (HKSRSs)

HKSQCs are to establish basic principles and essential procedures and to provide guidance regarding a firm's responsibilities for its system of quality control for Hong Kong Engagement Standards.

HKSAs, HKSREs, HKSAEs, HKSIRs and HKSRSs are collectively referred to as Hong Kong Engagement Standards.

HKSAs are to be applied in the audit of historical financial information.

HKSREs are to be applied in the review of historical financial information.

HKSAEs are to be applied in assurance engagements dealing with subject matters other than historical financial information.

HKSIRs are to be applied in investment circular reporting engagements.

HKSRSs are to be applied to compilation engagements, engagements to apply agreed-upon procedures to information and other related services engagements.

Practice Notes/Guidelines

Practice Notes/Guidelines are issued to assist auditors in applying Hong Kong Engagement Standards of general application to particular circumstances and industries.