Chen Maobo: The Hong Kong Institute of Certified Public Accountants will formulate guidelines related to the use of AI in audits to enhance industry awareness and application.

Hong Kong Financial Secretary Paul Chan Mo-po, speaking at the Accounting and Financial Reporting Authority's "Regional Regulatory Forum," stated that the Hong Kong government is promoting the development of artificial intelligence through a "dual-engine" strategy. The Financial Bureau will assess the opportunities and potential risks of using AI in audit firms, formulate relevant guidelines, and enhance the industry's understanding and application of AI. He pointed out that technological advancements, particularly in AI development, are changing the work and value of accountants. There is global attention on how to expand audit and assurance services sustainably, ensure that AI can assist in the process, and ensure the credibility of sustainable development reports. Hong Kong must be at the forefront of these developments. Paul Chan Mo-po also mentioned that Hong Kong is facing a shortage of accounting talent. The Financial Bureau and the Hong Kong Institute of Certified Public Accountants are closely collaborating with academic and professional institutions to promote various education and professional development programs. As a transitional measure, the Hong Kong government added accounting professionals to the talent list in March of this year to facilitate the entry of non-local accountants to work in Hong Kong. Paul Chan Mo-po stated that an international financial center needs to be built on the highest standards of professional integrity, which is crucial for the flow of funds, effective market operations, and the vibrant development of economic activities. In the current geopolitical economy, Hong Kong aims to become a two-way platform connecting enterprises and capital. He also noted that Hong Kong has become a platform for many mainland Chinese companies to expand internationally. These companies make full use of Hong Kong's financial and professional services, including trade financing, supply chain and fund management, cross-border taxation, ESG consulting, etc. In the capital markets, more than 300 companies are currently queuing up for listing in Hong Kong, leading globally. Hong Kong also helps mainland Chinese companies connect with international markets and promote the alignment of mainland and international standards.