With the AFRC planning more inspections in the coming year, it’s crucial that you are fully prepared. Given the economic downturn and the tight cash flow many practices are experiencing, we’ve created a cost-effective solution that provides essential support without straining your budget.

Here’s what our new inspection preparation package includes:

1) Customized SQM Manual: Tailored to your practice, this manual ensures compliance with the Hong Kong Standard on Quality Management (HKSQM 1), which became effective in December 2022.

2) Customized AML Manual: Specifically designed to meet the requirements of the Hong Kong Guidelines on Anti-Money Laundering (AML) for Professional Accountants, this manual will help you comply with regulatory requirements.

3) 50 Credits for Audit Program 3.0: Based on the median number of audit engagements for Category D & E practices, this package includes 50+ credits—giving you a great kickstart in first mitigating the risk of your more complex audit engagements. Plus, the installation fee is waived, making it even more affordable for smaller practices.

4) In-Person Training for your Audit Team: You’ll receive hands-on training, where you can ask questions and learn directly from EQC experts. These sessions will cover crucial topics as follows:

  –  Implementation of your customized SQM Manual

  – Implementation of your customized AML Manual (which can also serve as your compulsory AML training)

  – Guidance on responding to AFRC inspection requests

  – Deep dives into common audit areas, such as:

    – Auditing the valuation of receivables

    – Impairment risk of assets

    – Going concern considerations

    – Revenue recognition

    – Management override of controls

The training sessions provide 8 CPD hours, and full attendance is required to receive your CPD certificate. This is a convenient way to satisfy your CPD requirements while preparing for inspections.

5) 4-Hour Private Consultations 

The package includes 4 hours of one-on-one private consultancy sessions at your office, where we will provide guidance on the implementation of the SQM and AML Manuals, and go through the findings from our completed file review of your audit engagements.  We will also go through the inspection process and common findings of the AFRC.  You may use this opportunity to consult us on any questions regarding specific circumstances of your Practice and audit engagements. 

6) External Monitoring Review 

Our package includes 1 completed file monitoring review, which is required under HKSQM 1 to be performed at least once every 3 years, and an ongoing policy monitoring review for the most recent calendar year.