Global Developments in Audit Regulation: Key Insights for Hong Kong

As the Hong Kong market expands with cross-border listings, new financial products, and digital assets, its audit regulatory framework must provide robust oversight to maintain investor confidence. In this context, the AFRC has undertaken an international study of such frameworks to better understand emerging trends and identify opportunities for enhancement.

The study examines audit regulatory practices across six selected jurisdictions with established regulatory frameworks—Australia, Canada, the Chinese Mainland, Hong Kong, the United Kingdom (UK), and the United States (US).  It focuses on four areas of interest:

• Registration, as a mechanism to enhance accountability and Systems of Quality Management (SQM);
• Inspections, emphasising firm culture and transparency;
• Responsive and proportionate enforcement; and
• Strategic priorities, which include future-proofing the profession for a digital age.