Accounting regulator highlights key areas to improve regulatory oversight and development

The Accounting and Financial Reporting Council will work in four areas -- regulation, development, governance and organizational effectiveness to ensure simultaneous improvements in regulatory oversight and market development in the future -- its chairman David Sun Tak-kei said. 

The council will continue to adopt a risk-based approach and apply the principle of proportionality to ensure financial and audit reports meet high standards, Sun said.

He said the AFRC will continue promoting sustainable development, advancing digital transformation and strengthening governance systems to ensure fair competition and high transparency in the market.

It will also improve internal processes and enhance decision-making efficiency, the chairman said.

The independent accounting regulator is responsible for regulating some 81 registered local public interest entities auditors, 34 recognized overseas PIE auditors, 1,209 certified public accountant firms, 738 corporate practices and 5,126 CPAs (practising).

AIDEN HE