The Government today (June 5) welcomed the publication of the annual report of the Process Review Panel (PRP) for the Accounting and Financial Reporting Council (AFRC). 

     A spokesman for the Financial Services and the Treasury Bureau said, "The PRP conducted an in-depth review of the internal processes and operational procedures in cases associated with the AFRC's performance of its various regulatory functions under the regulatory regime of the accounting profession. The PRP has made observations and suggestions which are conducive to maintaining the fair and effective exercise of regulatory powers by the AFRC, thereby contributing to the safeguarding of high-quality financial reporting and auditing in Hong Kong.

     "We would like to express sincere gratitude to the PRP Chairperson, Ms Edith Shih, and members of the PRP for their valuable observations and recommendations such that the AFRC can further enhance its regulatory efficiency and effectiveness," the spokesman said.

     The PRP is an independent panel established by the Chief Executive to review cases handled by the AFRC and to consider whether actions taken by the AFRC are consistent with its internal procedures and guidelines for ensuring fairness and consistency.

Ends/Friday, June 5, 2026
Issued at HKT 16:05

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