Auditing and Assurance
The list below links to certain reference materials on Audit and Assurance related subjects (available in Adobe Acrobat format).
Subject
Auditing and Assurance Technical Bulletins
- AATB 1 Assistance Options to New Applicants and Sponsors in connection with Internal Controls over Financial Reporting
- AATB 2 Guidance to the Auditor when Responding to Questions at an Annual General Meeting
- Revised (December 2021) (clean) / (track changes)
- March 2017
- March 2012
- AATB 3 Implementation Guidance on Revised Hong Kong Standard on Investment Circular Reporting Engagements (HKSIR) 400 Comfort Letters and Due Diligence Meetings
- September 2022 (clean) / (track changes)
- October 2018
- March 2013
- AATB 4 Guidance on section 408 of the Companies Ordinance
- AATB 5 Environmental, Social and Governance (ESG) Assurance Reporting
- AATB 6 Non-Authoritative Guidance on Applying HKSAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements
FSTB Consultation Paper on the rewrite of the Accounting and Auditing Provisions of the Companies Ordinance (2007)
Legislative Council Election Financial Assistance Scheme - Notes for Candidate and Independent Auditor of Candidate
Standard Bank Confirmation Request Form (for use in the PRC for audits conducted in accordance with HKSAs)
Technical Question and Answer (Q&A) Archive
- Mainland Audit Issues:
- Recognition of sales (January 2004)
- Value-added tax (April 2004)
- Revenue recognition for software companies (September 2004)
- Consigment sales (June 2005)
- Related party transactions (February 2006)
- Audit of Financial Statements of Owners' Corporations of Buildings
- Audit Issues - Q&As (Revised December 2021)
- Audit Issues - Q&As (Revised October 2016)
- Audit Issues - Q&As (Revised July 2010)
- Audit Issues - Q&As (Revised February 2008)
- Audit Issues - Q&As (December 2006)
- Audit of Financial Statements of Owners' Corporations of Buildings
- Audit Issues - Q&As (Revised January 2024)
(clean) / (track changes)
Example Reports for Auditors and Companies Archive
- Suggested Chinese translation of engagement letter under HKSA 210 Agreeing The Terms of Audit Engagement
- Suggested Chinese translation of unmodified auditor's reports based on HKSA 700 (Revised) Forming an Opinion and Reporting on Financial Statements for financial statements prepared in accordance with HKFRSs, SME-FRS and HKFRS for Private Entities
- Suggested Chinese translation of auditor's reports under HKSA 720 (Revised) The Auditor's Responsibilities Relating to Other Information
Circular Archive
- Circular on Reporting for Certification of Funds under Schedule 16D to the Inland Revenue Ordinance (Cap. 112)
- Circular on Reporting under the Catering Business (Social Distancing) Subsidy Scheme
- Reporting related to the Private Columbaria Ordinance
- Revised February 2023 (clean) / (track changes)
- Revised May 2022
- Revised December 2021
- Revised January 2019
- Gross Fee Income Report of Rule 8 of the Solicitors (Professional Indemnity) Rules
- Revised February 2023 (clean) / (track changes)
- Revised May 2022
- Revised December 2021
- Revised April 2018
- July 2007
- Revised February 2023 (clean) / (track changes)
- Reporting to Grantees of the Language Fund
- Revised February 2023 (clean) / (track changes)
- Revised May 2022
- Revised December 2021
- Revised December 2019
- Revised October 2016
- August 2015
- Reporting to Grantees of the Quality Education Fund
- Revised February 2023 (clean) / (track changes)
- Revised May 2022
- Revised December 2021
- Revised October 2016
- May 2013
- Reporting on the Audit of Schools
- Reporting related to Rule 2.1(b) of the Rules for the Capital Investment Entrant Scheme
-
March 2009 (Superseded, Circular for 2024 New CIES is being developed)
-
- Circular on Reporting under Section 20 of the Product Eco-responsibility (Regulated Electrical Equipment) Regulation (Cap. 603B)
- Revised February 2023 (clean) / (track changes)
- Revised May 2022
- April 2019
- Revised February 2023 (clean) / (track changes)
- Reporting under the Catering Business (Social Distancing) Subsidy Scheme
- Description of auditor's responsibilities for an audit of financial statements arising from the requirements of HKSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements
Superseded Pronouncements
Members' Handbook Update 309 supersedes the following pronouncements:
Members' Handbook Update 305 supersedes the following pronouncements:
- Preface to the Hong Kong Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- Glossary of Terms Relating to Hong Kong Standards on Quality Control, Auditing, Review, Other Assurance and Related Services (“Glossary”)
- Glossary of Terms Relating to Hong Kong Standards on Quality Management, Auditing, Review, Other Assurance and Related Services (“Glossary (Revised 2023)”)
- HKSQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, or Other Assurance and Related Services Engagements
- Hong Kong Framework for Assurance Engagements
- HKSA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing
- HKSA 210, Agreeing the Terms of Audit Engagements
- HKSA 220, Quality Control for an Audit of Financial Statements
- HKSA 230, Audit Documentation
- HKSA 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements
- HKSA 260 (Revised), Communication with Those Charged with Governance
- HKSA 300, Planning an Audit of Financial Statements
- HKSA 300, Planning an Audit of Financial Statements (“HKSA 300 (Revised 2023)”)
- HKSA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement
- HKSA 500, Audit Evidence
- HKSA 540 (Revised), Auditing Accounting Estimates and Related Disclosures
- HKSA 600, Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
- HKSA 610 (Revised 2013), Using the Work of Internal Auditors
- HKSA 620, Using the Work of an Auditor’s Expert
- HKSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements
- HKSA 701, Communicating Key Audit Matters in the Independent Auditor’s Report
- HKSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information
- HKSA 805 (Revised), Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
- HKSRE 2400 (Revised), Engagements to Review Historical Financial Statements
- HKSAE 3410, Assurance Engagements on Greenhouse Gas Statements
- PN 600.1 (Revised), Reports by the Auditor under the Companies Ordinance (Cap. 622)
- PN 750, Review of Financial Information under the Hong Kong Listing Rules for a Very Substantial Disposal
- PN 900 (Revised), Audit of Financial Statements Prepared in Accordance with the Small and Medium-sized Entity Financial Reporting Standard
- HKAPG 1000, Special Considerations in Auditing Financial Instruments
Members' Handbook Update 296 supersedes the following pronouncements:
- HKSA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing
- HKSA 210, Agreeing the Terms of Audit Engagements
- HKSA 230, Audit Documentation
- HKSA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
- HKSA 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements
- HKSA 260 (Revised), Communication with Those Charged with Governance
- HKSA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
- HKSA 300, Planning an Audit of Financial Statements
- HKSA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
- HKSA 330, The Auditor’s Responses to Assessed Risks
- HKSA 402, Audit Considerations Relating to an Entity Using a Service Organization
- HKSA 500, Audit Evidence
- HKSA 501, Audit Evidence - Specific Considerations for Selected Items
- HKSA 530, Audit Sampling
- HKSA 540 (Revised), Auditing Accounting Estimates and Related Disclosures
- HKSA 550, Related Parties
- HKSA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)
- HKSA 610 (Revised 2013), Using the Work of Internal Auditors
- HKSA 620, Using the Work of an Auditor’s Expert
- HKSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements
- HKSA 701, Communicating Key Audit Matters in the Independent Auditor’s Report
- HKSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information
- HKSAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information
- HKSAE 3402, Assurance Reports on Controls at a Service Organization
- HKSAE 3410, Assurance Engagements on Greenhouse Gas Statements
- HKSAE 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
- HKSIR 200, Accountants’ Reports on Historical Financial Information in Investment Circulars
- HKSIR 400 (Revised), Comfort Letters and Due Diligence Meetings
- HKSIR 500, Reporting on Profit Forecasts, Statements of Sufficiency of Working Capital and Statements of Indebtedness
- HKSRS 4400 (Revised), Agreed-Upon Procedures Engagements
- HKSRS 4410 (Revised), Compilation Engagements
- PN 620.2 (Revised), Communication between the Auditor and the Insurance Authority
- PN 720, Acting as Scrutineer at a General Meeting of a Listed Issuer
- PN 730 (Revised), Guidance for Auditors Regarding Preliminary Announcements of Annual Results
- PN 740 (Revised), Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules
- PN 810.1 (Revised), Licensed Insurance Broker Companies – Compliance with the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules
- PN 810.2 (Revised), The Duties of the Auditor of an Insurer authorized under the Insurance Ordinance
- PN 820 (Revised), The Audit of Licensed Corporations and Associated Entities of Intermediaries
- PN 830 (Revised), Reports by the Auditor under the Banking Ordinance
- PN 850 (Revised), Reporting on Flag Days and General Charitable Fund-raising Activities Covered by Public Subscription Permits issued by the Social Welfare Department
- PN 850 (Revised), Reporting on Flag Days, General Charitable Fund-raising Activities and Solicitation of Signed Authorisation Forms Covered by Public Subscription Permits issued by the Social Welfare Department (“PN 850 (Revised 2021)”)
- PN 851, Review of the Annual Financial Reports of Non-governmental Organisations
- PN860.1 (Revised), The Audit of Retirement Schemes
Members' Handbook Update 289 supersedes the following pronouncements:
- Glossary of Terms Relating to Hong Kong Standards on Quality Control, Auditing, Review, Other Assurance and Related Services
- Glossary of Terms Relating to Hong Kong Standards on Quality Management, Auditing, Review, Other Assurance and Related Services (Glossary 2022)
- HKSA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing (HKSA 200 (Revised 2022))
- HKSA 330, The Auditor’s Responses to Assessed Risks
- HKSA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing
Members' Handbook Update 287 supersedes the following pronouncement:
- PN 840 (Revised), Reporting on Solicitors’ Accounts under the Solicitors’ Accounts Rules and the Accountant’s Report Rules
- PN 870, The Assessments of Certification Authorities under the Electronic Transactions Ordinance
Members' Handbook Update 285 supersedes the following pronouncement:
- Glossary of Terms Relating to Hong Kong Standards on Quality Control, Auditing, Review, Other Assurance and Related Services
- PN 740, Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules
- PN 850 (Revised), Reporting on Flag Days and General Charitable Fund-raising Activities Covered by Public Subscription Permits issued by the Social Welfare Department
Members' Handbook Update 276 supersedes the following pronouncement:
- COE Chapter A, Revisions to the Code Addressing the Objectivity of an Engagement Quality Reviewer and Other Appropriate Reviewers
- COE Chapter A, Revisions to the Non-Assurance Services Provisions of the Code
- COE Chapter A, Revisions to the Fee-related Provisions of the Code
Members' Handbook Update 275 supersedes the following pronouncement:
Members' Handbook Update 273 supersedes the following pronouncement:
- HKSIR 400 (Revised) Comfort Letters and Due Diligence Meetings
- HKSIR 500 Reporting on Profit Forecasts, Statements of Sufficiency of Working Capital and Statements of Indebtedness
- HKSRS 4400 Engagements to Perform Agreed-Upon Procedures Regarding Financial Information
- PN 720 Acting as Scrutineer at a General Meeting of a Listed Issuer
- PN 730 (Revised) Guidance for Auditors Regarding Preliminary Announcements of Annual Results
- PN 810.2 (Revised) The Duties of the Auditor of an Insurer authorized under the Insurance Ordinance
- PN 830 (Revised) Reports by the Auditor under the Banking Ordinance
Members' Handbook Update 244 supersedes the following pronouncement:
Members' Handbook Update 241 supersedes the following pronouncement:
- Glossary of Terms Relating to Hong Kong Standards on Quality Control, Auditing, Review, Other Assurance and Related Services
- PN 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
- PN 830 (Revised) Reports by the Auditor under the Banking Ordinance
- PN 850 Reporting on Flag Days and General Charitable Fund-raising Activities Covered by Public Subscription Permits issued by the Social Welfare Department
Members' Handbook Update 238 supersedes the following pronouncement:
Members' Handbook Update 232 supersedes the following pronouncement:
Members' Handbook Update 229 supersedes the following pronouncement:
Members' Handbook Update 226 supersedes the following pronouncement:
- HKSA 250 (Clarified) Consideration of Laws and Regulations in an Audit of Financial Statements
- HKSA 500 Audit Evidence
- HKSRE 2400 (Revised) Engagements to Review Historical Financial Statements
- HKSAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information
- HKSAE 3402 Assurance Reports on Controls at a Service Organization
- HKSAE 3410 Assurance Engagements on Greenhouse Gas Statements
- HKSRS 4410 (Revised) Compilation Engagements
Members' Handbook Update 212 supersedes the following pronouncement:
- PN 620.2, Communications between the Auditor and the Insurance Authority
- PN 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 Companies Ordinance - PN 810.2 (Revised), The Duties of the Auditor of an Insurer authorized under the Insurance Companies Ordinance
- PN 860.1 (Revised 2016), The Audit of Retirement Schemes
Members' Handbook Update 203 supersedes the following pronouncement:
- HKSA 200 (Clarified), Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing
- HKSA 210 (Clarified), Agreeing the Terms of Audit Engagements
- HKSA 220 (Clarified), Quality Control for an Audit of Financial Statements
- HKSA 230 (Clarified), Audit Documentation
- HKSA 240 (Clarified), The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
- HKSA 260 (Clarified), Communication with Those Charged with Governance
- HKSA 300 (Clarified), Planning an Audit of Financial Statements
- HKSA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
- HKSA 320 (Clarified), Materiality in Planning and Performing an AuditHKSA 330 (Clarified), The Auditor’s Responses to Assessed Risks
- HKSA 330, The Auditor’s Responses to Assessed Risks
- HKSA 450 (Clarified), Evaluation of Misstatements Identified during the Audit
- HKSA 500 (Clarified), Audit Evidence
- HKSA 510 (Clarified), Initial Audit Engagements—Opening Balances
- HKSA 540 (Clarified), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
- HKSA 560 (Clarified), Subsequent Events
- HKSA 570 (Clarified), Going Concern
- HKSA 580 (Clarified), Written Representations
- HKSA 600 (Clarified), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
- HKSA 700 (Clarified), Forming an Opinion and Reporting on Financial Statements
- HKSA 705 (Clarified), Modifications to the Opinion in the Independent Auditor’s Report
- HKSA 706 (Clarified), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
- HKSA 710 (Clarified), Comparative Information—Corresponding Figures and Comparative Financial Statements
- HKSA 720 (Clarified), The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
- HKSA 800 (Clarified), Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
- HKSA 805 (Clarified), Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
- HKSA 810 (Clarified), Engagements to Report on Summary Financial Statements
- PN 600.1 (Revised), Reports by the Auditor under the Hong Kong Companies Ordinance (Cap. 622)
- PN 810.2 (Revised), The Duties of the Auditor of an Insurer authorized under the Insurance Companies Ordinance
- PN 820 (Revised), The Audit of Licensed Corporations and Associated Entities of Intermediaries
- PN 900 (Revised), Audit of Financial Statements Prepared in Accordance with the Small and Medium-sized Entity Financial Reporting Standard
- AG 3.340 Prospectuses and the reporting accountant
Members' Handbook Update 193 supersedes the following pronouncement:
Members' Handbook Update 190 supersedes the following pronouncement:
- Hong Kong Framework for Assurance Engagements
- HKSAE 3000 Assurance Engagements Other Than Audits or Reviews of Historical Financial Information
- PN 730 Guidance for Auditors Regarding Preliminary Announcements of Annual Results
Members' Handbook Update 183 supersedes the following pronouncement:
Members' Handbook Update 182 supersedes the following pronouncement:
Members' Handbook Update 181 supersedes the following pronouncements:
- PN 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 Companies Ordinance
- PN 810.2 (Revised) The Duties of the Auditor of an Insurer authorized under the Insurance Companies Ordinance
Members' Handbook Update 178 supersedes the following pronouncements:
- HKSAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
- HKSIR 500 Reporting on Profit Forecasts, Statements of Sufficiency of Working Capital and Statements of Indebtedness
- PN 600.1 (Revised) Reports by the Auditor under the Hong Kong Companies Ordinance (Cap. 622)
- PN 740 Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules
- PN 850 Reporting on Flag Days and General Charitable Fund-raising Activities Covered by Public Subscription Permits issued by the Social Welfare Department
- PN 860.1 (Revised) The Audit of Retirement Schemes
Members' Handbook Update 173 discards the following pronouncements:
- PN 600.1 Reports by the Auditor under the Hong Kong Companies Ordinance
- PN 810.2 The Duties of the Auditor of an Insurer authorized under the Insurance Companies Ordinance
- PN 820 The Audit of Licensed Corporations and Associated Entities of Intermediaries
- PN 830 Reports by the Auditor under the Banking Ordinance
- PN 860.1 The Audit of Retirement Schemes
- PN 900 (Clarified), Audit of Financial Statements Prepared in Accordance with the Small and Medium-sized Entity Financial Reporting Standard
Members' Handbook Update 168 discards the following pronouncements:
- PN 740 Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules
- HKSA 315 (Clarified) Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
- HKSA 610 (Clarified) Using the Work of Internal Auditors
- HKSA 610 (Revised) Using the Work of Internal Auditors
- HKSRE 2400 Engagements to Review Financial Statements
- HKSIR 300 Accountants’ Reports on Pro Forma Financial Information in Investment Circulars
- HKSRS 4410 Engagements to Compile Financial Statements
- AG 3.341 Accountants' Report on Profit Forecasts
Members' Handbook Update 142 discards the following pronouncements:
Members' Handbook Update 134 discards the following pronouncements:
- Insurance Companies Ordinance Auditors' Reports Issued Pursuant to the Third Schedule
- PN 810.2 The Duties of Auditors under the Insurance Companies Ordinance
- PN 860.1 The Audit of Retirement Schemes
Members' Handbook Update 128 discards PN 810.1 issued in June 1997 which is listed below.
Members’ Handbook Update 118 discards a revised Preface and number of Practice Notes which are listed below:
- Preface to Hong Kong Standards on Quality Control, Auditing, Review, Other Assurance, and Related Services
- PN 1000 Inter-bank confirmation procedures
- PN 1010 The Consideration of Environmental Matters in the Audit of Financial Statements
- PN 1012 Auditing Derivative Financial Instruments
- PN 1013 Electronic Commerce - Effect on the Audit of Financial Statements
Members’ Handbook Update 110 discards a number of HKSAs and Preface, Glossary of terms, HKSQC, SAS, PN and Industry Auditing Guideline which are listed below:
- Preface to Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services
- Glossary of Terms Relating to Hong Kong Standards on Quality Control, Auditing, Assurance and Related Services
- HKSQC 1 Quality Control for Firms That Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
- HKSA 200 Objectives and General Principles Governing an Audit of Financial Statements
- HKSA 200 (Revised) Objective and General Principles Governing an Audit of Financial Statements
- HKSA 210 Terms of Audit Engagements
- HKSA 220 Quality Control for Audits of Historical Financial Information
- HKSA 230 Audit Documentation
- HKSA 240 The Auditor's Responsibilities to Consider Fraud in an Audit of Financial Statements
- HKSA 250 Consideration of Laws and Regulations in an Audit of Financial Statements
- HKSA 260 Communication of Audit Matters with Those Charged with Governance
- HKSA 300 Planning an Audit of Financial Statements
- HKSA 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- HKSA 320 Audit Materiality
- HKSA 330 The Auditor's Procedures in Response to Assessed Risks
- HKSA 402 Audit Considerations Relating to Entities Using Service Organizations
- HKSA 500 Audit Evidence
- HKSA 501 Audit Evidence – Additional Considerations for Specific Items
- HKSA 505 External Confirmations
- HKSA 510 Initial Engagements – Opening Balances
- HKSA 520 Analytical Procedures
- HKSA 530 Audit Sampling and Other Means of Testing
- HKSA 540 Audit of Accounting Estimates
- HKSA 545 Auditing Fair Value Measurements and Disclosures
- HKSA 550 Related Parties
- HKSA 560 Subsequent Events
- HKSA 560 (Revised) Subsequent Events
- HKSA 570 Going Concern
- HKSA 580 Management Representations
- HKSA 610 Considering the Work of Internal Audit
- HKSA 620 Using the Work of an Expert
- HKSA 700 The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements
- HKSA 701 Modifications to the Independent Auditor's Report
- HKSA 710 Comparatives
- HKSA 720 Other Information in Documents Containing Audited Financial Statements
- SAS 510 Principal Auditors and Other Auditors
- PN 600.1 Reports by the Auditor under the Hong Kong Companies Ordinance
- PN 600.2 Audit Approach to Companies Applying Section 141D of the Companies Ordinance
- PN 710 The Auditor's Statement on The Summary Financial Report
- PN 830 Reports by the Auditor under the Banking Ordinance
- PN 860.2 Reports on Internal Control of Investment Custodians made available to Third Parties
- PN 900 (Revised) Audit of Financial Statements Prepared in Accordance with the Small and Medium-sized Entity Financial Reporting Standard
- Statement 3.406 – Industry Guideline Banks and Deposit-Taking Companies – The Amended Section 161B and Section 161BA of the Companies Ordinance
Statements of Auditing Standards (SASs) and Standards on Assurance Engagements (SAEs) superseded by Hong Kong Standards on Auditing (HKSAs) and Hong Kong Standards on Assurance Engagements (HKSAEs)
Members’ Handbook Update 42 discards a large number of SASs and SAEs. The discarded SASs and SAEs are listed below:
- Statements of Auditing Standards superseded by Hong Kong Standards of Auditing:
- SAS010 – The scope and authority of auditing pronouncements
- SAS100 – Objective and general principles governing an audit of financial statements
- SAS110 – The auditors' responsibility to consider fraud and error in an audit of financial statements
- SAS120 – Consideration of laws and regulations in an audit of finnacial statements
- SAS130 – Going concern
- SAS140 – Engagement letters
- SAS150 – Subsequent events
- SAS160 – Other Information in documents containing audited financial statements
- SAS200 – Planning
- SAS210 – Knowledge of the business
- SAS220 – Audit Materiality
- SAS230 – Documentation
- SAS240 – Quality control for audit work
- SAS300 – Audit risk assessments and accounting and internal control systems
- SAS310 – Auditing in a computer information systems environment
- SAS401 – Audit evidence - considerations for specific items
- SAS402 – External confirmations
- SAS410 – Analytical procedures
- SAS420 – Audit of accounting estimates
- SAS421 – Auditing fair value measurements and disclosures
- SAS430 – Audit sampling
- SAS440 – Representations by management
- SAS450 – Opening balances and comparatives
- SAS460 – Related parties
- SAS470 – Overall review of financial statements
- SAS480 – Audit considerations relating to entities using service organizations
- SAS500 – Audit evidence
- SAS500A – Considering the work of internal auditing
- SAS520 – Using the work of an expert
- SAS600 – Auditors' reports on financial statements
- SAS610 – Communications of audit matters with thosed charged with governance
- SAS700 – Engagements to review interim financial reports
- Standards on Assurance Engagements superseded by Hong Kong Standards on Assurance Engagements:
Auditing Standards and Guidelines superseded by SASs and PNs
- Statement 3.262 – Computer-assisted audit techniques (CAATs) (withdrawn when PN 1009 was issued in December 2003)
- Statement 3.271 – The auditor's responsibility in relation to fraud, other irregularities and errors (withdrawn when SAS 110 becomes effective for the audits of financial statements for periods ended on or after 31 March 2002)
- Statement 3.251 - The auditor's considerations in respect of going concern (withdrawn when SAS 130 becomes effective for audits of financial statements for periods ended on or after 28 February 2001)
- Statement 3.253 – Amounts derived from the preceding financial statements (withdrawn when SAS 450 becomes effective for audits of financial statements for periods ended on or after 28 February 2001)
- Statement 3.252 – Events after the balance sheet date (withdrawn when SAS 150 becomes effective for audits of financial statements for periods ended on or after 31 December 2000)
- Statement 3.255 – Financial information issued with audited financial statements (withdrawn when SAS 160 becomes effective for audits of financial statements for periods ended on or after 31 December 2000)
- Statement 3.290 – Audit approach to companies applying section 141D of Companies Ordinance (withdrawn when PN 600.2 was issued in October 1998)
- Circular dated 25 July 1997 withdrawing the following Auditing Standard and Guidelines:
- 3.101 – Audit approach
- 3.210 – Planning, controlling and recording
- 3.211 – Quality control
- 3.220 – Accounting systems
- 3.230 – Audit evidence
- 3.231 – Auditing stocks and work in progress
- 3.232 – Verification of debtor balances: confirmation by direct communication
- 3.233 – Representations by management
- 3.234 – Contingent liabilities arising from pending legal matters
- 3.235 – Analytical review
- 3.240 – Internal controls
- 3.250 – Review of financial statements
- 3.254 – Reports to management
- 3.260 – Auditing in an EDP environment – general principles
- 3.261 – The effects of an EDP environment on the study and evaluation of the accounting system and related internal controls
- 3.270 – Engagement letters
- 3.280 – Group financial statements – reliance on the work of other auditors
- 3.281 – Reliance on internal audit
- 3.282 – Reliance on other specialists
- Statement 3.102 - The audit report (withdrawn when SAS 600 becomes effective for audits of financial statements for periods ended on or after 31 December 1994 )
- Statement 3.310 - Reports by auditors on financial statements (withdrawn when PN 600.1 was issued in December 1994)
- Statement 3.0 – Explanatory foreword (withdrawn when SAS 010 was issued in September 1994)
Articles
| Issue | Subject |
|---|---|
| Article | Subprime and Credit Crunch - Financial Reporting and Auditing Issues |
| APlus - Aug 06 | How to deal with special purpose reports |
| Hong Kong Accountant December 2004 |
New auditing standards - firms should get ready for the change |
| TechWatch 40 | Reminder to Auditors Applying Hong Kong Standards On Auditing |
International Guide
- IAASB Staff Audit Practice Alert on Challenges in Auditing Fair Value Accounting Estimates in the Current Market Environment (October 2008)
- IFAC Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (2018)
