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Recent cross-border regulatory collaboration between the Accounting and Financial Reporting Council (AFRC) and the Supervision and Evaluation Bureau of the Ministry of Finance of the People’s Republic of China (MoF) has led to the detection of contravention of Mainland laws and regulations by a Hong Kong audit firm and follow-up regulatory actions by the MoF.

This incident highlights the success of cross-border collaboration between the AFRC and the MoF and further attests to the importance that both parties place on regulatory cooperation to maintain high standards of audit quality, thereby enhancing public confidence in PIE auditors.

The AFRC will adopt a coordinated approach with the MoF in strengthening the supervision and management of cross-border audit services and Hong Kong audit firms’ compliance with the relevant regulatory requirements including reporting obligations, cooperation with Mainland audit firms and the safekeeping of audit working papers under the Interim Provisions and other legislation, as announced by the MoF today.

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