Statement on the Effectiveness of the System of Quality Management of EY Hong Kong as at 30 June 2023

As required by the Hong Kong Standard on Quality Management 1 (HKSQM 1) issued by the Hong Kong Institute of Certified Public Accountants (HKICPA), Ernst & Young in Hong Kong (the “Firm” or “EY Hong Kong”) has responsibility to design, implement and operate a system of quality management for audits or reviews of financial statements, or other assurance or related services engagements performed by the Firm, which provides the Firm with reasonable assurance that:

a) The Firm and its personnel fulfill their responsibilities in accordance with professional standards and applicable legal and regulatory requirements, and conduct engagements in accordance with such standards and requirements; and

b) Engagement reports issued by the Firm or engagement partners are appropriate in the circumstances.

As a member firm of EY Network, EY Hong Kong has also complied with the requirements of International Standard on Quality Management (ISQM 1) issued by the International Auditing and Assurance Standards Board (IAASB). 

EY Hong Kong has implemented and is committed to improving the system of quality management. We have performed monitoring activities and tests of controls to support the annual evaluation conclusion.

Based on the annual evaluation of the Firm as of 30 June 2023, the system of quality management provides reasonable assurance that the objectives of the system of quality management are being achieved.