The Accounting and Financial Reporting Council (AFRC) has published its first “Report on the Analysis of the Public Interest Entity Audit Market in Hong Kong”. The report provides a comprehensive overview and industry analysis of the public interest entity (PIE) audit market in Hong Kong.
According to the survey results, the total number of individuals working in PIE audits was 8,960 as at 30 June 2023, with associates and senior associates comprising 62.4% of the total. Further, the industry has been experiencing high staff vacancy and attrition rates, particularly at junior grades. As at 30 June 2023, the vacancy rate for associates and senior associates was highest in Category C PIE auditors at 25.5% and 24.2% respectively, followed by Category B PIE auditors at 16.1% and 16.9% respectively, and 5.8% and 4.5% respectively for Category A PIE auditors. The average attrition rate for associates and senior associates in different categories of local PIE auditors ranged from 33.2% to 36.2% and 22.1% to 39.0% respectively in the year ended 30 June 2023.
Commenting on this, AFRC acting CEO, Janey Lai, said: “We believe that the Report will foster constructive dialogue and collaboration among stakeholders which will lead to the sustainable and healthy development of the accounting profession. The Report will also guide stakeholders to address challenges and seize opportunities, as well as lay the foundation for future actions that the AFRC will take to further enhance audit and financial reporting quality.”
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