Preparation of AFRC Inspection
Let us grant you a good night’s sleep with a peace of mind. We offer the following AFRC Inspection consultancy services:
Monitor reviews with findings & recommendations at the Practice & File Inspection levels (including both ongoing policy monitoring reviews (OPM) & completed file monitoring reviews (CFM)
Mark-up’s to your existing Quality Assurance Manuals and Anti-Money Laundering Procedures manual to meet prevailing standards
Completed file reviews of High-Risk / High-Fee / High-Revenue Audit Engagements
Consult on technically complex audit and accounting issues, from client acceptance to adequacy of audit documentation, to the use of proper audit opinions and AML procedures
Working paper / Technical Memo-templates to cover the most judgmental audit documentations and audit risk areas
Prepare hypothetical audit files on the high-fee / complex engagements that meet the standards of the strictest compliance reviewers
Become your 24/7 stand-by consultant for the entire AFRC Inspection process
"Let us grant you a
good night's sleep with
a peace of mind"
Be Prepared for AFRC Inspections Only HK$1 Have a Mock Inspection
Have you just received a AFRC Inspections Notification?
For Small Practices:
AFRC Inspections Notification & Submission Documents
The size of your practice would usually warrant the AFRC (the “Institute”) in scheduling a specific date for a AFRC Inspections. This notification letter would arrive by registered post approximately 8-10 weeks for a AFRC Inspections, or at least 6 weeks for a AFRC inspection in advance of the scheduled review date.
At least 3 weeks prior to the scheduled review date, you will be asked to submit the latest monitoring review report together with your practice’ s Quality Control Manual (QCM), AML Procedures Manuals (AML Manual), documentation in support of your Inspection’s compliance with such manuals, and you will be asked verbally how you prepared such documents, and how you normally manage your inspection and / or any affiliated firms that provide non-assurance services to your audit clients.
Shortly after submission of your client list along with information on these audit engagements, the Institute may request for more details on up to 15 audit engagements that they believe would warrant a more detailed review.
To schedule a free face-to-face consultation, please call or Whatsapp us at
Tel: 9543-3218, or call us at Tel: 9543-3218.
For Own Name Practices:
You would likely have received a notification letter informing that your practice has been chosen for AFRC Inspections. While this notification letter may not have a specified AFRC Inspections date, you may expect that the review will take place from 2 to 6 months from the date of the letter.
In the first round of submissions, you will have to submit your Practice’s latest monitoring review report. As you are a sole practitioner, the completed file review report must be performed by an external monitor reviewer.
Together with the monitoring review report, you will submit a client list covering the last 18-month period and provide a declaration of any engagements carried out by your practice in specified transactions. The AFRC Inspections would also ask you to submit the financial statements of your Practice’s highest audit fee engagement.
When your Practice has been scheduled for a specific review date, you will be asked to submit your Quality Control Manual and / or AML Procedures Manual, and 1-2 selected engagements for a more detailed review. The review will most likely be carried out remotely at the Institute’s office, and the assigned AFRC Reviewer may call you for live questions.
How much does a typical AFRC Inspections Consultancy Cost?
(Example Only)
FRC Inspection / AFRC Inspections Preparation with 3 months lead-time-
Monitoring Reviews including Ongoing Policy Moinitor & Completed Files Monitors
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Hypothetical Audits on 1-2 selected engagements (Subject to the size & complexity of the selected engagements)
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Review of Quality Control Manual
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Review of Anti-Money Laundering Procedures Manual (AML)
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Review of Client List, Organization Chart, and GAAP statistics
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24/7 Consultancy & Advisory from commencement to completion
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