Auditing and Assurance Archives

• International Standards on Quality Management (ISQMs);
• International Standards on Auditing (ISAs); and
• International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statement

as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code

with links to:

• Exposure Draft
• IAASB Response Template
• Press Release

(IAASB’s comment due date is 8 April 2024) 

with links to

• Exposure Draft
• Explanatory Memorandum
• ED-5000: Response Template
• Press Release
• IAASB Frequently Asked Questions 
• IAASB FAQ: The Application of Materiality by the Entity and the Assurance Practitioner
• IAASB Video: What You Need to Know About ISSA 5000 
• IAASB Video: Introduction of Proposed ISSA 5000
• IAASB Webinar: Assurance on Sustainability Reporting
• IFAC Virtual Sustainability Summit: IAASB Session on ISSA 5000

(IAASB’s comment due date is 1 December 2023) 

The Institute has launched an online survey to facilitate members to voice your views on the Proposed ISSA 5000. It is primarily targeted toward obtaining views from diverse perspectives and expertise levels within our stakeholder community. The survey takes around twenty minutes to complete and will close on 1 November. Click here to begin the survey.

Invitation to Comment on IAASB Exposure Draft Proposed International Standard on Auditing (ISA) 570 (Revised 202X), Going Concern and Proposed Conforming and Consequential Amendments to Other ISAs

with links to

• Exposure Draft
• Press Release

(IAASB’s comment due date is 24 August 2023) 

To facilitate understanding, the Institute has prepared an introductory video in Cantonese with English terminologies to provide an overview of the proposed ISA 570 (Revised 202X). Watch the video and view the presentation slides to learn more.

The Institute is interested in hearing your views about the IAASB’s proposed ISA 570 (Revised 202X), Going Concern. You are invited to take a survey which highlights the key attributes of the proposals followed by yes/no questions. The survey takes around twenty minutes to complete and will close on 17 July. Click here to begin the survey.

Invitation to Comment on IAASB Exposure Draft, Proposed Part 10, Audits of Group Financial Statements of the Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) and Proposed Conforming Amendments

with links to

• Exposure Draft
• Press Release

(IAASB’s comment due date is 2 May 2023) 

Invitation to Comment on IAASB Consultation Paper, The IAASB’s Proposed Strategy and Work Plan for 2024‒2027

with links to

• Consultation Paper
• Press Release

(IAASB’s comment due date is 11 April 2023) 

with links to
• Exposure Draft
• Press Release
(IAASB’s comment due date is 24 April 2023) 

The Institute is interested in hearing your views about Proposed ISA 500 (Revised). To collect these views, you are invited to take a survey which highlights the key attributes of the proposals followed by yes/no questions. The survey takes around twenty minutes to complete and will close on 24 March 2023. Click here to begin the survey.

To facilitate understanding, the Institute has produced an introductory video in Cantonese with English terminologies to provide an overview of the proposed changes. Click to view the video (approx. 27 minutes) and slide presentation.

Invitation to Comment on Exposure Draft, Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; and ISA 260 (Revised), Communication with Those Charged with Governance, as a Result of the Revisions to the IESBA Code that Require a Firm to Publicly Disclose When a Firm Has Applied the Independence Requirements for Public Interest Entities (PIEs) 

with links to

• Draft Guideline on Auditor’s Report for Application for Certification of Funds Issued by the Monetary Authority for Funds and their Investment Managers
• Draft Guideline on Auditor’s Report for Application for Certification of Funds Issued by the Monetary Authority for Practising Members of the Hong Kong Institute of Certified Public Accountants
• Comment letters received

Invitation to Comment on International Auditing and Assurance Standards Board's (IAASB) Exposure Draft, Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) 

with links to

• Exposure Draft
• IAASB Proposed Supplemental Guidance for the Authority of the Proposed ISA for LCE
• Draft Supplemental Guidance for the Proposed ISA for LCE – Auditor Reporting 
• Mapping Documents – ISAs to Proposed ISA for LCE
• Proposed ISA for LCE Appendix 1 Glossary of Terms
• ED-ISA for LCE: Response Template
• Press Release
• IAASB Video: An Overview of ISA for LCE

(IAASB's comment due date is 31 January 2022)

As an alternative or in addition to submitting a comment letter, you may share your views by joining the Institute’s roundtable on 9 November 2021.

with links to

• IAASB Survey Consultation
• Press Release

(IAASB's comment due date is 5 August 2021)

with links to

• Exposure Draft
• Press Release

(IAASB's comment due date is 24 May 2021)

with links to

• Discussion Paper
• Press Release
• IAASB Roundtable on Fraud and Going Concern 

(IAASB's comment due date extended to 1 February 2021)

As an alternative or in addition to submitting a comment letter, you may share your views by joining the Institute’s roundtable on 20 November.

with link to

• EER Guidance
• Supplement document A: Credibility and Trust Model and Background and Contextual Information; and 
• Supplement document B: Illustrative Examples

with links to

• Exposure Draft
• Press Release

Invitation to Comment on International Auditing and Assurance Standards Board's (IAASB) Discussion paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs) 

with links to

• Discussion Paper
• Press Release

Invitation to Comment On Exposure Draft Practice Notes

• ED Practice Note 620.2 (Revised) Communication between auditors and the Insurance Authority
• ED Practice Note 810.1 (Revised) Licensed Insurance Broker Companies – Compliance with the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules
• ED Practice Note 810.2 (Revised) The Duties of the Auditor of an Insurer authorized under the Insurance Ordinance

Invitation to Comment on IAASB Exposure Drafts

• Overall Explanatory Memorandum, The IAASB’s Exposure Drafts for Quality Management at the Firm and Engagement Level, Including Engagement Quality Reviews
• Proposed ISQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements 
• Proposed ISQM 2, Engagement Quality Reviews
• Proposed ISA 220 (Revised), Quality Management for an Audit of Financial Statements

 
Press Release

Invitation to Comment on International Auditing and Assurance Standards Board's (IAASB) Consultation Paper on Proposed Strategy for 2020-2023 and Work Plan for 2020-2021

• Consultation Paper
• Press Release

Invitation to Comment on International Auditing and Assurance Standards Board's (IAASB) Consultation Paper, Extended External Reporting (EER) Assurance

• Consultation Paper
• Press Release

Invitation to Comment on IAASB Exposure Draft Proposed International Standard on Related Services (ISRS) 4400 (Revised), Agreed-Upon Procedures Engagements

• Exposure Draft
• Press Release

 26 October 2018

Consultation Ended

Invitation to Comment on IFAC'S IAASB Exposure Draft
Proposed International Standard on Auditing (ISA) 315 (Revised), Identifying and Assessing the Risks of Material Misstatement and Proposed Consequential and Conforming Amendments to Other ISAs

• Exposure Draft
• Supplement to Exposure Draft ISA 315 (Revised)
• Overall risk assessment flowchart
• Understanding of internal control flowchart
• Understanding of the IT environment flowchart
• Press release

Invitation to Comment on Exposure Draft Practice Notes 

• ED Practice Note 620.2 Communication between the Auditor and the Insurance Authority
• ED Practice Note 810.1 (Revised) Insurance Brokers – Compliance with the Minimum Requirements Specified by the Insurance Authority under Sections 69(2) and 70(2) of the Insurance Ordinance
• ED Practice Note 810.2 (Revised) The Duties of the Auditor of an Insurer authorized under the Insurance Ordinance

Invitation to Comment on ED Practice Note 840 (Revised) The Reporting Engagement on Solicitors' Accounts under the Solicitors' Accounts Rules and the Accountant's Report Rules

8 May 2015

Invitation to Comment on ED Revised Practice Note 740 Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules

Invitation to Comment on Exposure Draft Practice Notes

• ED Practice Note 820 (Revised) The Audit of Licensed Corporations and Associated Entities of Intermediaries
• ED Practice Note 830 (Revised) Reports by the Auditor under the Banking Ordinance
• ED Practice Note 860.1 (Revised) The Audit of Retirement Schemes

Invitation to comment on IFAC's IAASB Exposure Draft Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing

(Please click here for the online survey and further information)

Invitation to Comment on IFAC's IAASB Consultation Paper A Framework for Audit Quality

(Please click here for the online survey and further information)

Invitation to Comment on IVSC Exposure Draft of a Practical Guide on The Role of the Professional Valuer in the Audit Process 

Invitation to Comment on IAASB Discussion Paper on The Evolving Nature of Financial Reporting: Disclosure and its Audit Implications

Part A

• Proposed ISA 501 (Redrafted), Audit Evidence Regarding Specific Financial Statement Account Balances and Disclosures
• Proposed ISA 520 (Redrafted), Analytical Procedures

Part B

• Proposed ISA 265, Communicating Deficiencies in Internal Control and Related Conforming Amendments to Other ISAs
• Proposed ISA 402 (Revised and Redrafted), Audit Considerations Relating to an Entity Using a Third Party Service Organization

Part C

• Proposed ISAE 3402, Assurance Reports on Controls at a Third Party Service Organization

Invitation to Comment on IAASB Consultation Paper on Proposed
Strategy for 2009-2011

Part A
ISA 510 (Redrafted), Initial Audit Engagements – Opening
Balances and ISA 530 (Redrafted), Audit Sampling

Part B
ISA 700 (Redrafted), The Independent Auditor's Report on
General Purpose Financial Statements; ISA 705 (Revised and
Redrafted), Modifications to the Opinion in the Independent
Auditor's Report; ISA 706 (Revised and Redrafted), Emphasis
of Matter Paragraphs and Other Matter(s) Paragraphs in the
Independent Auditor's Report; ISA 800 (Revised and Redrafted),
Special Considerations – Audits of Special Purpose Financial
Statements; and ISA 805 (Revised and Redrafted), Engagements
to Report on Summary Financial Statements

Part C
ISA 220 (Redrafted), Quality Control for an Audit of Financial
Statements and ISQC 1 (Redrafted), Quality Control for Firms
that Perform Audits and Reviews of Financial Statements, and
Other Assurance and Related Services Engagements

Consultation Ended

Consultation Ended

Consultation Ended

Invitation to Comment on IAASB Exposure Drafts of Proposed ISA 550 (Revised and Redrafted) on Related Parties and ISA 570 (Redrafted) on Going Concern

Invitation to Comment on IAASB Exposure Drafts of Proposed ISA 600 (Revised) "The Audit of Group Financial Statements" and ISA 260 (Revised) "The Auditor's Communication with Those Charged with Governance"