The AFRC has published an article titled ‘Reminder to PIE auditors: Be prepared for undertaking PIE engagements‘. It is primarily targeted at registered public interest entity (PIE) auditors without PIE engagement and practice units which are considering registration as PIE auditors with the AFRC. The reminder aims to communicate the AFRC’s expectations regarding their intention and readiness before undertaking PIE engagements. Our reminder equally applies to those PIE auditors with PIE engagement.

During the assessment of the 2024 renewal applications, the AFRC noted that 15 out of 79 (or 19%) registered PIE auditors had not carried out any PIE engagements for over one year. Concerned about this significant proportion, the AFRC held meetings with selected PIE auditors in January 2024 to gain insights into their operations, intentions, and readiness for performing PIE engagements. During the meetings, we also highlighted our expectations to PIE auditors given the high public interest of PIE engagement.

Commenting on this, AFRC CEO, Janey Lai, said: “The AFRC is dedicated to ensuring that PIE engagements are carried out by competent auditors through the AFRC registration and regulatory regime. This entails ensuring that auditors, with or without PIE engagements, are fully aware of their important role in safeguarding public interest by dedicating sufficient resources, and making continuous investments to enhance their readiness for PIE audits.

“During these meetings with the PIE auditors, we reminded them regarding our expectations of a PIE auditor and the specific areas of improvement they need to address. We summarize our expectations below for the benefit of all PIE auditors in general and those aspiring to register with the AFRC in particular.”

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