AFRC welcomes the 2022 Annual Report of the Process Review Panel

1 Sep, 2023

The Accounting and Financial Reporting Council (AFRC) welcomes the conclusion from the Process Review Panel (PRP) in their 14^th Annual Report (the Report) that the AFRC had carried out its work in accordance with its internal procedures.

In the 2022 review cycle, the PRP reviewed the AFRC’s work in relation to the regulation of PIE auditors including the handling of (a) 10 complaints, investigation and enquiry cases, (b) inspections of six PIE auditors and seven PIE engagements, (c) recognition applications of four overseas PIE auditors, and (d) the oversight of the Hong Kong Institute of Certified Public Accountants’ specified functions from January to December 2021 and provided constructive recommendations to the AFRC in the Report.

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