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The following is issued on behalf of the Process Review Panel for the Financial Reporting Council:
The Process Review Panel (PRP) for the Financial Reporting Council (FRC) published its third annual report today (March 21) covering the work of the panel in 2011.
The Chairman of the PRP, Mr Edmund Leung Kwong-ho, said, "The key task of the PRP last year was to review the cases handled by the FRC in 2010. We have reviewed seven cases out of the 16 cases handled by the FRC. These cases are related to auditing and reporting irregularities and non-compliance with accounting requirements of listed companies in Hong Kong."
Mr Leung added, "After reviewing these cases and considering the reports by the staff of the FRC, the PRP was satisfied that the FRC had handled the cases in accordance with its internal procedures. During the review process, the PRP proposed recommendations to further optimise the FRC's procedures. We are pleased to note that the FRC has accepted our recommendations and will take appropriate follow-up action."
Mr Leung added that the PRP is grateful for the full support rendered by the FRC to its work.
The PRP is an independent panel established on November 1, 2008, to review cases handled by the FRC and consider whether the actions taken by the FRC are consistent with its internal procedures and guidelines. It comprises five members appointed by the Chief Executive, including the FRC Chairman as an ex-officio member.
The full text of the annual report can be downloaded from the website of the Financial Services and the Treasury Bureau (www.fstb.gov.hk/fsb/topical/doc/frc_prp_report11_e.pdf).
Ends/Wednesday, March 21, 2012
Issued at HKT 14:56
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