Document background
The Audit Code of Practice serves as a foundational document for audit firms operating in Hong Kong, providing comprehensive guidance on conducting audits in compliance with local regulations and international standards. It is essential for ensuring consistency and quality in audit engagements across different industries and contexts. The document incorporates requirements from the Hong Kong Companies Ordinance, professional standards issued by the HKICPA, and other relevant regulatory frameworks. This code is particularly crucial given Hong Kong's status as a major financial center and the increasing complexity of audit engagements. It addresses various aspects including quality control, risk assessment, documentation requirements, and ethical considerations, serving as a primary reference for audit professionals and firms in maintaining high professional standards.
