The accounting industry is confronting complex challenges due to economic headwinds, increased competition, and geopolitical tensions, according to Kelvin Wong Tin-yau, chairman of the Accounting and Financial Reporting Council (AFRC). Speaking at a regional regulatory forum organised by the AFRC, Wong highlighted that smaller firms with limited resources are particularly affected. The forum, the first of its kind by an audit oversight body for accounting regulatory agencies and regulated markets, attracted over 350 international, mainland Chinese, and local representatives. Financial Secretary Paul Chan Mo-po emphasised that regulation serves to promote sustainable development and deliver long-term benefits. China’s Vice Minister of Finance, Guo Tingting, outlined four recommendations for the industry, stressing the importance of strong institutional standards and legal frameworks.