The Audit Code of Practice serves as a foundational document for audit firms operating in Hong Kong, providing comprehensive guidance on conducting audits in compliance with local regulations and international standards. It is essential for ensuring consistency and quality in audit engagements across different industries and contexts. The document incorporates requirements from the Hong Kong Companies Ordinance, professional standards issued by the HKICPA, and other relevant regulatory frameworks. This code is particularly crucial given Hong Kong's status as a major financial center and the increasing complexity of audit engagements. It addresses various aspects including quality control, risk assessment, documentation requirements, and ethical considerations, serving as a primary reference for audit professionals and firms in maintaining high professional standards.
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1. Purpose and Scope: Defines the objectives of the code and its applicability to different types of audit engagements
2. Regulatory Framework: Overview of relevant Hong Kong legislation and professional standards that govern audit practices
3. Definitions: Key terms and concepts used throughout the code
4. Independence and Ethics: Requirements for maintaining professional independence and ethical conduct
5. Quality Control System: Mandatory elements of the firm's quality control system including leadership, ethical requirements, and monitoring
6. Audit Engagement Procedures: Standard procedures for accepting, planning, and executing audit engagements
7. Documentation Requirements: Mandatory documentation standards and retention policies
8. Review and Supervision: Requirements for review processes and supervision of audit work
9. Reporting Standards: Guidelines for audit report preparation and issuance
10. Professional Development: Requirements for continuing professional education and staff training
1. Industry-Specific Considerations: Additional requirements for specific industries such as financial services, insurance, or real estate
2. Group Audit Procedures: Specific procedures for conducting group audits with multiple components
3. IT Audit Procedures: Specialized procedures for auditing IT systems and digital environments
4. Cross-Border Engagements: Additional requirements for audits involving multiple jurisdictions
5. Special Purpose Audits: Guidelines for conducting specialized audits such as regulatory compliance or grant audits
1. Schedule 1: Risk Assessment Templates: Standard templates for documenting risk assessment procedures
2. Schedule 2: Quality Control Checklists: Detailed checklists for quality control reviews
3. Schedule 3: Documentation Templates: Standard forms and templates for audit documentation
4. Appendix A: References to Relevant Standards: Detailed cross-references to HKSAs and other relevant professional standards
5. Appendix B: Sample Audit Programs: Example audit programs for different types of engagements
6. Appendix C: Ethics Scenarios: Examples of common ethical situations and appropriate responses
7. Appendix D: Reporting Templates: Standard templates for various types of audit reports
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