Process Review Panel for Accounting and Financial Reporting Council publishes 2022 report
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The Process Review Panel (PRP) for the Accounting and Financial Reporting Council (AFRC) published its 14th annual report today (September 1), covering the work of the PRP in 2022.
The Chairperson of the PRP, Ms Edith Shih, said, "In the 14th review cycle, the PRP continued its review on the AFRC's work in 2021 under its statutory functions of inspection, investigation and enquiry, recognition of overseas public interest entities (PIE) auditors and oversight of the Hong Kong Institute of Certified Public Accountants (HKICPA)' performance of specified functions. The PRP concluded from the review that the AFRC had carried out the work in accordance with its internal procedures. We are most appreciative of the co-operation and full support rendered by the AFRC executive team in facilitating the work of the Panel while pressing ahead with the preparatory work for the launch of the new regulatory regime in the past year."
The PRP is an independent non-statutory body that reviews cases handled by the AFRC and considers whether the actions taken by the AFRC are consistent with its internal procedures and guidelines. Upon the commencement of the new regulatory regime of the accounting profession on October 1, 2022, the PRP's scope of review has been expanded and it will start to review in the next review cycle the AFRC's work under its expanded regulatory functions, including the issue of practising certificates to certified public accountants; registration of PIE auditors and practice units; inspection, investigation and discipline of the accounting profession; and oversight of the HKICPA's performance of its various professional functions. The Chairperson and members of the PRP are appointed by the Financial Secretary under authority delegated by the Chief Executive. The Chairman of the AFRC and the Secretary for Justice (or his representative) are ex-officio members of the PRP.
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/en/business/prp/doc/afrc_prp_report22_e.pdf).
Ends/Friday, September 1, 2023
Issued at HKT 11:00
Issued at HKT 11:00
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