From Regulation to Resilience:
Time for Change in the Accounting Profession
(Sent out on 11 April, 2025)
Dear Practising Accountants,
The future of our profession is being re-defined – not just by regulatory expectations, but by the urgent need for transformation, talent retention, and technology integration. The AFRC’s recent publications and industry forums have made one thing clear: the profession must evolve to remain resilient, relevant, and ready for a sustainable future.
AFRC and Global Leaders Call for Transformation
At the AFRC Regional Regulatory Forum 2024, held in Hong Kong last December, over 360 stakeholders – from regulators and law enforcement to audit professionals – gathered to discuss a bold vision for the future of accounting. The theme, ‘Transforming Regulation, Governance and Development for a Resilient and Sustainable Future“, set the tone for what lies ahead.
Key takeaways included:
- Bill Thomas, Chairman & CEO of KPMG International, highlighted the transformative potential of AI in enhancing the profession’s relevance and capabilities.
- Ms. Chia-Tern Huey Min, Chief Executive of Singapore’s ACRA, reminded practitioners to prioritize progress over perfection – a mindset that empowers innovation.
- Dr. Rob Johnson, President of the Institute for New Economic Thinking, urged the profession to embrace technology to reshape its image, making it more attractive to new talent.
AFRC's Strategic Priorities (2025-2027): A Call To Action
In its latest publication released on 31 March 2025, the AFRC emphasized growing concerns about the declining number of HKICPA exam candidates and slowing HKICPA membership growth, which threatens the long-term talent pipeline of the profession.
One of the solutions identified in the report:
“Artificial Intelligence offers significant potential to enhance audit quality by increasing efficiency and risk assessment.”
This is a clear signal that the integration of AI into audit processes is no longer optional – it’s necessary.
EQC's Response: Practical Solutions, Not Just Talk
At EQC Compliance Advisory, we help CPA practices prepare for AFRC inspections and improve audit quality efficiently and effectively. We believe the time to modernize is now – not just in theory, but in practice.
That’s why we’re hosting a practical and insight-driven seminar to help you take action.
Technology Demonstration: Audit Program 4.0
Our latest release now includes:
- AML Sanction Screening
- Auto-generated audit programs
- Workpapers for analytical reviews, sample design, and tests of details
The Future Is Now
The AFRC is talking about AI and transformation daily – not just as a trend, but as a necessity. Let’s stop playing catch-up and start leading the change.
Warm Regards,
Roger Cheng
Founder and Chief Consultant
EQC Compliance Advisory
Tel: 6015-7080