Appointments to Process Review Panel for Accounting and Financial Reporting Council
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Announcing the appointments, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The PRP for the AFRC helps enhance the transparency and accountability of the AFRC. We are confident that the PRP will continue to discharge its duties effectively in ensuring the standard of Hong Kong's accounting service, financial reporting and corporate governance."
The PRP is an independent and non-statutory body that reviews the operational procedures of the AFRC and determines whether the actions taken by the AFRC in handling cases have followed 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 to cover the AFRC's expanded regulatory functions which include the issue of practising certificates to certified public accountants; registration of Public Interest Entities auditors and practice units; inspection, investigation and discipline of the accounting profession, and oversight of the Hong Kong Institute of Certified Public Accountants' 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.
Ends/Friday, December 23, 2022
Issued at HKT 11:00
Issued at HKT 11:00
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