2025 Audit Risks Training Series
(AFRC-Aligned) Starts Next Week
(Sent out on 9 May, 2025)
With unprecedented audit challenges in 2025—ranging from geopolitical tensions, recessionary pressures, to sectoral decline in Hong Kong—audit quality is under the microscope. AFRC inspections are increasingly focused on impairment, going concern, and documentation quality.
🎓 2025 Audit Risks Training Series
💻 Fully Online | 🎥 Unlimited Playbacks | 👥 Unlimited Firm-Wide Attendees | 📜 Earn 16 CPD Hours with Digital Certificate Special Discount: HK$10,800 / CPA Practice |
🔍 Session 1 (May 14–21): Impairment of Non-Financial Assets
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🧠 Full Series Topics & Schedule (8 Bi-Weekly Sessions)
Session 1: Impairment of Non-Financial Assets
1) Identify red flags in CGU cash flow assumptions
2) Understand market data points to benchmark valuations
3) Document impairment testing in high-risk sectors
Session 2: Going Concern & Liquidity Risk
1) Evaluate cash flow forecasts amid economic uncertainty
2) Identify management bias in going concern assessments
3) Enhance documentation around material uncertainties
Session 3: Onerous Contract & Provisions
1) Identify contracts at risk of becoming loss-making
2) Understand provision measurement and disclosure
3) Use legal and economic indicators to support audit judgment
Session 4: Revenue Recognition in Uncertain Markets
1) Identify audit red flags in modified or cancelled contracts
2) Assess the impact of uncertainty on variable consideration and timing of revenue
3) Strengthen cut-off procedures and fraud risk assessments
Session 5: Inventory Valuation in Times of Disruption
1) Detect indicators of impairment in aged or slow-moving inventory
2) Use post-year-end data to validate NRV assessments
3) Audit inventory valuation when tariffs and demand shift rapidly
Session 6: Audit of Trade Receivables & Credit Risk in SMEs
1) Identify key audit risks in receivables during economic decline
2) Assess adequacy of impairment losses or bad debt provisions under different frameworks
3) Use subsequent receipts, customer analysis, and ageing schedules to support conclusions
4) Strengthen audit documentation to meet AFRC inspection standards
Session 7: Fair Value Assessments for Properties and Investments
1) Assess the reliability of inputs used in Level 2 and Level 3 valuations
2) Evaluate whether market participant assumptions remain valid
3) Strengthen audit procedures when independent valuation reports are used
Session 8: Audit Risk Assessments in Economic Turbulence
1) Apply forward-looking thinking to risk identification and fraud considerations
2) Reassess business risk and financial reporting risk in light of market changes
3) Tailor audit responses to high-risk areas such as going concern, revenue, and impairment
4) Improve planning file documentation to align with AFRC inspection expectations