AFRC Regional Regulatory Forum 2024

AFRC Hosts Landmark Regional Regulatory Forum 2024

The inaugural Regional Regulatory Forum (RRF) for the accounting and audit profession took place successfully at the Grand Hyatt in Hong Kong on December 2, 2024. This one-and-a-half-day event featured a main forum, an appreciation dinner, and a half-day closed-door regulatory roundtable session attended by representatives from eight jurisdictions, including the two Chairs of the International Forum of Independent Audit Regulators, and Committee of European Auditing Oversight Bodies.  

The RRF themed “Transforming Regulation, Governance and Development for a Resilient and Sustainable Future” features five key panels where local and international subject matter experts provide insights into critical issues impacting the profession. They include policy, regulatory, and governance frameworks, global coordination of standards, technological disruption, sustainability reporting and assurance, and talent management strategies for futureproofing the audit industry. 

The opening ceremony was presided by Dr. Kelvin Wong, Chairman of the AFRC, who provided the opening remarks, Mr. Paul Chan, Financial Secretary of the Hong Kong SAR Government, Ms. Guo Tingting, Vice Minister of Ministry of Finance of the People's Republic of China, Ms Salina Yan, Permanent Secretary for Financial Services and the Treasury (Financial Services) and Ms Janey Lai, CEO of the AFRC.  

Sir David Tweedie, renowned for his contributions for significantly advancing the global convergence of accounting standards, delivered the keynote address during lunch. The Guest of Honour for the Forum dinner was Mr Christopher Hui, Secretary for Financial Services and the Treasury.

The RRF attracted over 360 participants, including international, Mainland, and local stakeholders such as accounting and financial regulators, law enforcement agencies, global chairs of international network firms, professional bodies, practitioners, investors, and senior business leaders.

Panel speakers of the forum include: 

Panel 1 - From Tangle to Tango: Fostering a Resilient Financial Ecosystem: Dr Kelvin Wong SBS, JP, Chairman, AFRC; Mr Mohamed Kande, Global Chairman, PricewaterhouseCoopers; Ms Julia Leung SBS, JP, CEO, Securities and Futures Commission; Mr Ian Charles Stone, Independent Non-Executive Director, Tencent

Panel 2 - Exploring the Evolution of Corporate Reporting: From Past Experience to Future Innovations: Ms Janey Lai, CEO, AFRC; Prof Zabihollah Rezaee, Professor of Accountancy, University of Memphis; Mr Bill Thomas, Global Chairman and CEO, KPMG; Mr Takashi Nagaoka, Chair, International Forum of Independent Audit Regulators; Mr Alan Vallance, Chief Executive, Institute of Chartered Accountants in England and Wales

Panel 3 - Strengthening Trust: Accounting, Accountability and Governance: Mr Peter Greenwood, MA FCG HKFCG, Fellow of the Hong Kong Chartered Governance Institute; Mr Panos Prodromides, Chair, Committee of European Auditing Oversight Bodies; Mr Amar Gill, Secretary General, Asian Corporate Governance Association; Mr Edward Lavish, Managing Director, Portfolio Risk and Transactions, EQT Private Capital Asia; Mr Shawn Maher, Global Vice Chair – Public Policy, EY

Panel 4 - Navigating the New Frontier: The Role of Accountants in Shaping a Sustainable Future: Ms Teresa Ko, Vice-Chair, IFRS Foundation Trustees; Dr Christine Chow Chair, International Corporate Governance Network; Mr Mike Canning, Vice Chair, Global Strategy and Policy & Global Chief Strategy Officer, Deloitte; Mrs Chia-Tern Huey Min Chief Executive, Accounting and Corporate Regulatory Authority, Singapore

Panel 5 - The Next Era in Talent Management: Dr Rob Johnson, President of Institute for New Economic Thinking; Mr Andrew Tsui, Chairman, Hong Kong & Southern China, Korn Ferry; Mr Chris Freeland, CEO, CPA Australia; Ms Janey Lai, CEO, AFRC; Mr Roy Leung, Immediate Past President, Hong Kong Institute of Certified Public Accountants