Appointments to Public Interest Entities Auditors Review Tribunal
Upon the commencement of relevant provisions of the Financial Reporting Council (Amendment) Ordinance 2019 (Amendment Ordinance) on October 1, 2019, the Review Tribunal will be established to review, in response to applications by any aggrieved persons, specified decisions made by the Financial Reporting Council (FRC) or the Hong Kong Institute of Certified Public Accountants (HKICPA).
The Chief Executive has appointed Mr Stewart Wong Kai-ming as the Chairman of the Review Tribunal for a two-year term from October 1, 2019, to September 30, 2021. The following six members are also appointed by the Chief Executive to the Panel for the Review Tribunal for the two-year term from October 1, 2019, to September 30, 2021:
Professor Chan Koon-hung
Professor Stella Cho Lung Pui-lan
Professor Hui Kai-wai
Ms Susanna Lee Wai-yan
Mr Simon Wong Hin-wing
Ms Wong Yuen-chi
In announcing the appointments, the Secretary for Financial Services and the Treasury, Mr James Lau, said, "The Review Tribunal will be a crucial safeguard to ensure that specified decisions made by the FRC and the HKICPA are fair and reasonable under the new auditor regulatory regime. I am confident that Mr Stewart Wong will lead the Review Tribunal to discharge its statutory functions effectively to reinforce the credibility of Hong Kong's auditor regulatory regime, and members of the Panel will utilise their knowledge and experience in areas of accounting, law and financial services, etc to facilitate the effective operation of the Review Tribunal."
When there is a case for review, the Secretary for Financial Services and the Treasury will, on the recommendation of the Chairman, appoint two members of the Panel as members of the Review Tribunal for hearing and determining the review.
With the commencement of the Amendment Ordinance on October 1, the FRC will become a full-fledged and independent oversight body for regulating auditors of public interest entities (PIEs) and will be responsible for the inspection, investigation and disciplinary functions with regard to these auditors. Meanwhile, the HKICPA will continue to discharge its statutory functions of registration, setting requirements for continuing professional development, and setting standards on professional ethics, auditing and assurance in respect of these auditors subject to the oversight by the FRC. Pursuant to the Amendment Ordinance, a PIE means a listed collective investment scheme or a corporation with its equities listed on the Hong Kong stock market. The Amendment Ordinance also provides that the Review Tribunal is established to review the following specified decisions:
- a decision of the FRC to impose a disciplinary sanction against a PIE auditor;
- a decision of the HKICPA relating to the registration of a local PIE auditor; and
- a decision of the FRC relating to the recognition of an overseas PIE auditor.
Ends/Monday, September 30, 2019
Issued at HKT 16:00
Issued at HKT 16:00