Regulatory compliance, inspection readiness and audit innovation
EQC Compliance Advisory
EQC supports Hong Kong CPA practices, corporate practices, practising accountants, and TCSP licensees with practical assistance on AFRC inspection readiness, quality management, AML/CTF compliance, external monitoring, and audit technology. Our approach combines technical insight with implementation support, helping clients translate regulatory requirements into documented, workable processes.
From preparation and remediation through to ongoing monitoring and audit automation, EQC focuses on practical outcomes: clearer evidence, stronger engagement documentation, and more sustainable workflows. This enables practice owners and management to prepare for regulatory follow-up with confidence while maintaining focus on client service, growth, and operations.
AFRC & CR Compliance Readiness
EQC provides compliance-readiness services for practices seeking to move promptly from technical awareness to documented remediation. In the tables below, OP means Original Price.
A. CPA Services
| Service | Original Price (OP) |
|---|---|
| External Annual SQM Monitoring Review — first year of review | HK$7,000 (OP) |
| External Annual SQM Monitoring Review — subsequent year of review | HK$6,000 (OP) |
| Drafting of SQM Manual — own-name Practice Unit with no employees | HK$5,000 (OP) |
| Drafting of SQM Manual — firm or corporate practice with employees, subcontractors and/or network firms | HK$15,000 (OP) |
| Completed File Monitoring (CFM) Review — SME-FRS | HK$20,000 (OP) |
| Completed File Monitoring (CFM) Review — HKFRS for Private Entities | HK$25,000 (OP) |
| Completed File Monitoring (CFM) Review — Full HKFRS | HK$30,000 (OP) |
B. TCSP AML / CTF Services
| Service | Original Price (OP) |
|---|---|
| Drafting or Updating of AML/CFT Manual | HK$6,000 (OP) |
| Independent AML/CFT Audit — fewer than 150 active clients | HK$8,000 (OP) |
| Independent AML/CFT Audit — 151 to 300 active clients | HK$12,000 (OP) |
| Independent AML/CFT Audit — more than 300 active clients | HK$15,000 (OP) |
Ready to Strengthen Your Compliance Readiness?
Discuss the services most relevant to your practice, regulatory priorities, and current documentation needs.
New EQC Publications
EQC Corporate Profile
We are pleased to announce the release of our comprehensive Corporate Profile, providing an in-depth overview of EQC Compliance Advisory's expertise, services, and commitment to the CPA community in Hong Kong. This detailed document showcases our proven track record of 250+ successful inspection engagements, our innovative audit-automation technology, and our comprehensive range of compliance solutions designed specifically for CPA practices.
Select the cover to download this publication.
Service Brochure on SQM / AML Consultancy
EQC develops SQM and AML/CTF manuals that reflect a practice’s own risks, operational structure, client portfolio, and procedures—not a generic template. For SQM work, we use tracked changes to demonstrate clearly how and where the practice has modified the HKICPA templates. This provides a documented record of the customisations made for the practice and supports the evidence expected by the AFRC.
For AML/CTF, the manual is designed around the Hong Kong Guidelines on Anti-Money Laundering and Counter-Terrorist Financing for Professional Accountants and the practice’s actual client-acceptance, risk-assessment, escalation, and record-keeping procedures. In addition to audit inspections, the AFRC has taken steps to perform AML compliance inspections (AMCI). Ongoing monitoring of accepted clients and their stakeholders must be supported by real-time searches at least monthly; this process should be updated promptly because searches cannot be backdated.
2027 renewal readiness: In July 2026, the AFRC advised CPA practices that it will follow up on SQM compliance, including external monitoring reviews, as part of the 2027 practising-certificate renewal process expected in November to December 2026.
Select the cover to download this publication.
Service Brochure on External Monitoring Review Services
EQC provides independent external monitoring support through completed-file monitoring reviews and ongoing policy monitoring reviews. The work is designed to help a practice evaluate the operation of its quality-management system, identify documentation or implementation gaps, and record practical remediation actions that can be followed through by management.
An external monitoring review is more than a retrospective file check. It provides focused evidence of whether the practice’s policies and procedures are operating as intended, while helping to strengthen audit documentation, consistency, and readiness for regulatory follow-up. This is particularly timely following the AFRC’s July 2026 advice that SQM compliance, including external monitoring reviews, will be followed up in the 2027 practising-certificate renewal process expected in November to December 2026.
Select the cover to download this publication.
Latest Regulatory Insights
Other Relevant EQC Articles
AFRC's 2024-25 Annual Report Reveals 146% Surge in Non-PIE Inspections
Executive Summary: A New Era of Regulatory Intensity
The regulatory landscape for non-PIE auditors in Hong Kong has fundamentally transformed. Our comprehensive analysis of the AFRC's 2023-24 and 2024-25 Annual Reports reveals an unprecedented 146% increase in non-PIE auditor inspections, signalling the regulator's aggressive expansion into previously uncharted territory. For small and medium CPA firms, this represents both a critical compliance challenge and an urgent call to action.
The data is unambiguous: AFRC's oversight of Category D and E firms has evolved from an introductory phase to a performance-based enforcement regime with real consequences for poor results. This regulatory update provides essential intelligence for practice leaders who must navigate this new regulatory reality while maintaining operational viability. Read whole analysis & update here.
This update is based on comprehensive analysis of AFRC Annual Reports 2023-24 and 2024-25, supplemented by additional regulatory publications and market intelligence. All statistics and findings are derived from official AFRC sources and publicly available regulatory documents.
About EQC
EQC Compliance Advisory (EQC) specializes in consulting CPA practices and financial institutions on AFRC inspections, investigations, complaints, and regulatory matters. Our services include inspection consulting, online and in-person training, monitoring, mock audits, quality management system design, anti-money laundering compliance, and general practice protection.
Over the last 5 years, EQC has consulted on 250+ inspection engagements and served 320+ small and medium-sized practices. Our expertise covers document preparation, engagement file selection, response to review reports, and addressing inquiries from institutes and regulators, backed by evidence of follow-up and remedial actions.
In June 2023, we have launched Audit Program 3.0, an innovative service that utilizes Artificial Intelligence, Machine Learning and Complex Coding to help CPA firms save up to 99.9998% of time costs in completing audit programs that comply with the latest auditing standards, including but not limited to HKSA 220, 315, 540, and HKSQM 1 and 2.
In May 2026, we have launched Audit Program 4.1 and Audit Program 4.0 Turbo, upgrades to the preceding version, that performs AML sanction screening, uses OCR Tech to retrieve data from prior year's audited financial statements, and dynamically fill in required data to produce audit work papers and financial statements.
Inspection Preparation and Responses
Inspection Preparation and Response services help to elevate your Practice’s overall quality controls and procedures, and mitigate the potential business and compliance risks.
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Prepare Your Practice for the Next Regulatory Review
Speak with EQC about inspection preparation, SQM and AML/CTF documentation, external monitoring, or audit automation support tailored to your practice.
- Whatsapp: +852 9543 3218
- services@eqcadvisory.com
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