Ministry of Finance calls for improved corporate governance at AFRC Forum 2026

The Accounting and Financial Reporting Council (AFRC) convened the AFRC Regional Regulatory Forum 2026 on Monday under the theme “Governance at Every Level,” bringing together some 500 distinguished attendees from Hong Kong, the Chinese Mainland and overseas, including senior government officials, regulators and enforcement officials, leaders of the accounting profession and representatives of the business community.

“Trust grows when each of us plays our part, and when those individual efforts come together. That is what ‘Governance at Every Level’ is really about,” said Janey Lai Chui-pik, chief executive of the AFRC. 

The Ministry of Finance is continuously improving the full-chain supervision system and reinforcing the implementation of accounting laws, regulations and the national unified accounting system in auditing firms, said Guo Tingting, Vice Minister of the Ministry of Finance in her keynote speech. She highlighted that root causes of financial fraud and audit failures often lie in ineffective corporate governance rather than at the audit end. 

She mentioned that artificial intelligence, big data, blockchain, and other technologies have reshaped the logic of accounting recognition and measurement and auditing operations, bringing unprecedented challenges to the traditional regulatory framework.

Regulation of emerging fields should balance development and security, preventing the simplistic application of old rules to stifle innovation while avoiding inadequate regulation that allows for algorithmic black boxes and data monopolies, Guo asserted. 

She emphasizes adhering to the Accounting Act and the Certified Public Accountants Law of China, as fundamental guidelines, maintaining a balance between standardization and development, and promoting inclusive and prudent regulation of accounting and auditing. 

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓