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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