Overview of the non-public interest entity audit market

The AFRC has released an Overview of the Non-Public Interest Entity (non-PIE) audit market in Hong Kong, highlighting the market share, workload, and expectations for high-quality audit services. An inspection of 4,713 practice units (PUs) revealed that Category E PUs hold the largest share of the non-PIE market, while Category D PUs manage significantly more clients per partner/director. The Overview indicates that partners in Category D PUs face challenges in maintaining audit quality due to their high client load. AFRC CEO Janey Lai emphasized the importance of prioritizing quality audits and adequate resource allocation.

Resources: https://www.afrc.org.hk/media/befftw1z/afrc-pr-20241030-non-pie-audit-market-overview-en.pdf