The Government today welcomed the publication of the annual report from the Process Review Panel for the Accounting & Financial Reporting Council (AFRC).

In the review period, the panel reviewed the AFRC’s work in 2022-23 under its statutory functions, namely inspection, issuance of practising certificates, registration and recognition, investigation and enquiry, and oversight of the Hong Kong Institute of Certified Public Accountants’ performance of specified functions.

The panel concluded from the review that the AFRC carried out its work in accordance with internal procedures.

The Financial Services & the Treasury Bureau said the panel conducted a comprehensive review of the internal processes and operational procedures relating to the AFRC’s performance of its expanded regulatory functions under the new regulatory regime of the accounting profession.

It added that the panel has made observations and suggestions that are conducive to the AFRC’s fair and consistent exercise of its regulatory powers, thereby contributing to the safeguard of financial reporting and audit quality in Hong Kong.

The bureau thanked the panel members for their dedication and insights in enhancing the AFRC’s transparency and accountability.