Auditing and Assurance Standards

Members' handbook volume III – "Auditing and assurance standards"
 
To access the members' handbook, please click here.

Auditing and assurance standards
Auditing and assurance standards in Hong Kong are known as Hong Kong standards on quality control/management, auditing, assurance and related services.
 
The preface to Hong Kong standards on quality control/management, auditing, assurance and related services sets out the objectives and due process of the Institute council in respect to Hong Kong standards on quality control/management, 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/management (HKSQCs/HKSQMs)
• 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/HKSQMs establish basic principles and essential procedures and provide guidance regarding a firm's responsibilities for its quality control/management for Hong Kong engagement standards.
 
HKSAs, HKSREs, HKSAEs, HKSIRs and HKSRSs are collectively referred to as Hong Kong engagement standards.

HKSAs are applied in the audit of historical financial information.
 
HKSREs are 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 applied in investment circular reporting engagements.
 
HKSRSs are 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.

Due process and comparison with International Standards on Auditing
This page links to the full text of the following documents (available in Adobe Acrobat format).

• Due process of auditing and assurance standards-setting
  
  • Due process to adopt international standards on auditing (Available in Preface to the Hong Kong Quality Control/Management, Auditing, Review, Other Assurance, and Related Services Pronouncements - Appendix 2: Page 13) 
  • Due process in the development of local practice notes/guidance (Available in Preface to the Hong Kong Quality Control/Management, Auditing, Review, Other Assurance, and Related Services Pronouncements - Appendix 3: Page 14)
  • Comparison Table of International and Hong Kong Quality Control/Management, Auditing, Review, Other Assurance, and Related Services Pronouncements
• International Auditing and Assurance Standards Board (IAASB)