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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 fifth annual report today (April 17) covering the work of the panel in 2013.
The Chairman of the PRP, Mr Edmund Leung, said, "In the fifth review cycle, the PRP reviewed nine out of the 25 cases handled by the FRC in 2012. These cases are related to auditing and reporting irregularities and non-compliance with accounting requirements of listed companies in Hong Kong.
"After reviewing these cases and considering the reports by the staff of the FRC, the PRP concluded that the FRC had handled the cases in accordance with its internal procedures. During the review process, the PRP suggested a recommendation to further optimise the FRC's procedures. We are glad to note that the FRC has welcomed our recommendation and will take appropriate follow-up action."
Mr Leung added, "We are grateful for the co-operation and full support rendered by the FRC to the Panel in facilitating our review 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, with 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_report13_e.pdf).
Ends/Thursday, April 17, 2014
Issued at HKT 16:00
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