Clear, transparent reporting
The new audit report
26 September 2016 | Hong Kong
The audit report has been revolutionised. Until now, audit reports have been standardised pass/fail reports with little, if any, entity-specific information contained in the report. To respond to calls for more transparency about the audit process, after a five year project, the International Auditing and Assurance Standards Board issued a set of new and revised International Standards on Auditing that have transformed the audit report. In particular, audit reports for listed companies will include key information about the audit of the entity in the form of “Key Audit Matters”. In Hong Kong, the new and revised Hong Kong Standards on Auditing are effective for audits of financial statements for periods ending on or after 15 December 2016. So for companies with December year-ends, these new and revised requirements are just around the corner! Directors (and in particular members of the Audit Committee) as well as senior management of listed companies need to be familiar with these new and revised requirements to be able to discuss these with their auditors and anticipate how they may impact their company.
What will we discuss in the seminar?
- The background to the changes, including the perceived benefits
- The changes to the requirements to audit reporting, including the nature of Key Audit Matters and the type of information that will be included in audit reports of listed companies
- Impact of the new requirements on the company’s reporting timetable, including the additional time to be spent on communication between the directors, members of the Audit Committee, senior management and their auditors about the content of the audit report
- Impact of the enhanced requirements on auditors to consider and report on “Other Information” in the company’s annual report
- Experience sharing from other jurisdictions where similar requirements have been implemented before
If you would like to enhance your understanding of these new and revised requirements and how they may impact you in advance of your upcoming year-end planning discussions with your audit team, don’t miss this seminar!
Partner, National Technical,
Partner, Deloitte & Touche LLP,
Board Member of the International Auditing and Assurance Standards Board
Partner, Southern China Audit Leader of Global Financial Services Industry Group,
Enquiry & Registration
Please issue your cheque payable to "Deloitte Touche Tohmatsu" and mail it to us before 23 September to:
Ms Minia Yau
Deloitte Touche Tohmatsu
38/F One Pacific Place
** Please indicate the attendee's name, company and the seminar date onto the back of the cheque. Registration will only be confirmed upon receiving the payment. Thank you.
In case of any questions, please contact:
Ms Wandy Luk of Brand & Communications
26 September 2016
09:30am - 11:30am
(Registration / refreshment starts at 9:00am)
Kowloon Shangri-la Hotel,
64 Mody Road,
Tsim Sha Tsui East,
HKD 500 per guest