2025 Audit Risk Training Series (New)
In early April 2025, the Accounting and Financial Reporting Council (AFRC) quietly released a new guideline on its website titled:
“How should auditors consider tariff disruptions in Audits?”
While the announcement was low-key, the implications are not.
This guideline signals the AFRC’s inspection focus areas for audits of financial statements for the year ended 31 March 2025 and beyond.
🧠 Introducing Our 2025 Audit Risk Training Series
To help your team meet these growing demands, EQC Compliance Advisory is launching a targeted CPD training series, running May to December 2025. Each session addresses real-world audit challenges in today’s high-risk environment.
Download our Intro Deck, or click “Learn More” for detailed course contents.
Latest News:
Upcoming Seminar!
We will provide practical insights and share actual findings from AFRC inspections on the following:
- Dealing with Long-Association Audit Clients
- Safeguards Between CPA Practices and TCSPs
- Demonstrating an Internal Culture That Focuses on Audit Quality
- Auditing Revenues – Focal Points in Inspections
- Audit Work on Information Provided by the Entity
All attendees will receive a 1.5-hour CPD certificate upon successful attendance. Please note this is an in-person seminar only.
Date: Wednesday, April 23, 2025
Time: 6:30 PM – 8:30 PM
Location: Unit 1102, 11/F, Woon Lee Commercial Building, 7-9 Austin Avenue, Tsim Sha Tsui, Kowloon, Hong Kong
Register Here:
Key Strengths of AP4.0
- Compliance with AFRC Inspection Standards & Requirements
- Auto-Generation of completed Audit Program (HKICPA-APM)
- AML Name Screening as low as HK$1,000 / year regardless of number of clients
- Auto-Generation of B/S & P/L Line-by-Line Y-o-Y Analytical review
- Auto-Completion of Tests of Details and Sample Selection planning, with 2,000+ Tests of Details templates covering 100+ financial statement line items and SME-FRS, PE and HKFRS, and all relevant assertions of assets, liabilities, income, expense and equity
- Enable auto-revision of APM, analytical review and working papers upon audit / late adjustments
- Resourceful database of industry knowledge
- Ability to automatically roll-over comparatives
- Multi-Audit Engagement Generation in one click of a button, achieving technological multi-tasking
- Preview list of working papers that can be generated prior to generation
About EQC
EQC Compliance Advisory (EQC) specializes in consulting CPA practices and financial institutions on AFRC inspections, investigations, complaints, and regulatory matters. Our services include inspection consulting, online and in-person training, monitoring, mock audits, quality management system design, anti-money laundering compliance, and general practice protection.
Over the last 5 years, EQC has consulted on 250+ inspection engagements and served 250+ small and medium-sized practices. Our expertise covers document preparation, engagement file selection, response to review reports, and addressing inquiries from institutes and regulators, backed by evidence of follow-up and remedial actions.
In June 2023, we have launched Audit Program 3.0, an innovative service that utilizes Artificial Intelligence, Machine Learning and Complex Coding to help CPA firms save up to 99.9998% of time costs in completing audit programs that comply with the latest auditing standards, including but not limited to HKSA 220, 315, 540, and HKSQM 1 and 2.
In January 2025, we have launched Audit Program 4.0, an upgrade to the preceding version, that performs AML sanction screening, and uses generative AI to produce analytical reviews, and audit work papers for illustrative purposes.
Inspection Preparation and Responses
Inspection Preparation and Response services help to elevate your Practice’s overall quality controls and procedures, and mitigate the potential business and compliance risks.
Our Services
Audit Program 4.0
AFRC Inspection
Monitoring Reviews
- Whatsapp: +852 9543 3218
- services@eqcadvisory.com
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