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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 sixth annual report today (March 30), covering the work of the PRP in 2014.
The Chairman of the PRP, Mr Anthony Chow, said, "In the sixth review cycle, the PRP reviewed seven out of the 23 cases handled by the FRC in 2013. These cases are related to auditing irregularities and non-compliance with accounting requirements of listed entities in Hong Kong.
"After reviewing these cases and considering the reports by the FRC staff, 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 improve the FRC's procedures. We are glad to note that the FRC welcomes our recommendation and will consider appropriate follow-up action."
Mr Chow added, "We are grateful for the co-operation and full support rendered by the FRC in facilitating the work of the Panel."
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 at www.fstb.gov.hk/fsb/topical/doc/frc_prp_report14_e.pdf.
Ends/Monday, March 30, 2015
Issued at HKT 16:00
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