Cici Cao
The accounting industry is facing complex challenges amid economic headwinds, competition and geopolitical tensions, says Kelvin Wong Tin-yau, the chairman of the Accounting and Financial Reporting Council.
The challenges are even more pronounced for smaller firms with limited resources, he said.
Speaking at a regional regulatory forum organized by the AFRC, Wong urged all stakeholders in the industry to commit to continuously enhancing their cultural and governance practices.
The forum, the first of its kind to be organized by an audit oversight body specifically for accounting regulatory agencies and regulated markets, drew over 350 international, mainland, and local representatives.
Financial Secretary Paul Chan Mo-po said regulation is not a goal but a means to promote sustainable development and deliver long-term benefits for all in his opening remarks.
China's Ministry of Finance said it will support Hong Kong's development by deepening cross-border regulatory cooperation and financial collaboration. Speaking at the forum, Vice Minister of Finance Guo Tingting outlined four recommendations for the industry.
She stressed the importance of institutional standards and legal frameworks, urging the continuous improvement of laws and regulations.
Guo also called for stricter industry oversight, enhanced regulations, and stronger deterrence against major financial fraud and collusion in auditing, ensuring the protection of public interest.
Kelvin Wong speaks at the forum. AFRC
