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Hong Kong SAR ChinaAccounting and Financial Reporting Council

AFRC publishes 2026 Audit Focus and 2026 PIE audit market report

The Inspection Audit Focus dated 28 October 2026 targets 2026 year-end audits; the Policy and Governance report dated 27 October 2026 analyses Hong Kong's PIE audit market.

By Taxxa AI OyPublished 6 November 2026

Audit

Industry: Accounting, bookkeeping and auditing activities; tax consultancy

The Accounting and Financial Reporting Council published two new reportsAfrc on consecutive days in late October 2026. "Audit Focus for 2026 year-end auditsAfrc", dated 28 October 2026, appears under the Inspection functionAfrc with the categories Audit, Quality Management System and Technology. "2026 Report on the Analysis of the Public Interest Entity Audit Market in Hong KongAfrc", dated 27 October 2026, appears under the Policy and Governance functionAfrc with the categories Audit, Auditor Changes, Corporate Governance, Financial Reporting, Quality Management System and Technology. Together the two publications bring the Reports collection to 63 items, against 61 before, with the inspection-report view moving from 29 to 30 items and the policy-and-governance view from 17 to 18.

The Audit Focus is the annual year-end guidance in the Inspection seriesAfrc. The prior edition, "Audit Focus for 2025 year-end audits" dated 3 October 2025, described its own purpose as an overview of the macroeconomic and market landscape highlighting key focus areas for year-end audits and firm-level considerations, and it expressly warned that it was not a comprehensive guide: auditors must exercise professional judgement and consider the specific facts and circumstances of each client. That 2025 edition organised engagement-specific attention around risk assessment, impairment of non-current assets, going concern assessment, fraud risks, group audit and first-year audit, and firm-level attention around setting the right tone at the top, building competence, and monitoring audit partners' workload and involvement. The 2026 edition carries the same series title for the new year-end seasonAfrc; its operative focus areas rest in its own PDF.

The PIE audit market report continues the Policy and Governance market-analysis seriesAfrc whose first edition appeared in March 2024 as "Report on the Analysis of the Public Interest Entity Audit Market in Hong Kong". That first edition stated that PIE auditors are entrusted with high-quality, independent and reliable audits of financial statements to promote investor confidence and protect the public interest, and it defined its market terms by reference to the Accounting and Financial Reporting Council Ordinance: a PIE means a Hong Kong listed corporation whose listed securities comprise at least shares or stocks or a listed collective investment scheme, and a PIE engagement includes an auditor's report on a PIE's financial statements required by section 379 of the Companies Ordinance (Cap. 622), the Listing Rules or a relevant code. The first edition drew on a November 2023 survey of all 48 local PIE auditors with PIE engagements in the period 1 July 2020 to 30 June 2023, alongside research on audit fee and market share trends from 2018 to 2022 and membership data, and it examined demand, supply and competition together with headcount, vacancies, vacancy and attrition rates, supervision, workloads, technology deployment and continuing professional development. The 2026 report is the new edition in that seriesAfrc, dated 27 October 2026.

Hong Kong audit firms' quality-assurance, inspection-readiness and audit-quality teams, PIE auditors, audit committees and policy advisers should obtain the two PDFs and factor them into 2026 year-end planning, professional scepticism, documentation, staffing and supervision decisions. The listing entries state title, function, categories and date for each publication; the detailed tests, figures and recommendations rest in the reports themselves. Legal basis is the Accounting and Financial Reporting Council Ordinance (Cap. 588) for the AFRC's Inspection and Policy and Governance functions, with PIE and PIE-engagement meanings under that Ordinance and section 379 of the Companies Ordinance (Cap. 622).

Auditors preparing 2026 year-end audits and audit committees following the PIE audit market should read the two new AFRC reports and reflect them in planning, scepticism, documentation and supervision.

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