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Hong Kong Small Auditors' Work

Hong Kong Small Auditors' Work "Unacceptable"

by Starling Insights

Starling Insights Editorial Board

Jul 21, 2023

Observations

Hong Kong's Accounting and Financial Reporting Council (AFRC) has accused small and medium auditing firms of an "unacceptable attitude" that "compromises audit quality" and threatens the city's status as a global financial center.

The AFRC's harsh assessment of the industry, comprising more than 10,000 certified auditors, comes even as the city offered itself as a neutral ground in the years-long auditing dispute between the United States and China. "There is huge room for improvement for these accounting firms," Janey Lai, Head of Inspection at the AFRC, said.

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