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The AFRC has announced that it ‘welcomes’ the appointments of two new convenors and one new member, and the reappointments of nine incumbent members to the Financial Reporting Review Panel (FRRP) by the HKSAR Government. The AFRC has further expressed ‘sincere appreciation’ to the five retiring convenors and six retiring members for their valuable contributions during their tenures.
As an independent and statutory panel, members of the FRRP play a significant role in conducting enquiries into possible non-compliance with accounting requirements in the financial reports of listed entities and making recommendations to the Board of the AFRC on the removal of non-compliance identified. This function is highly important in maintaining public confidence in the financial reporting of listed entities and enhancing investor protection.
Commenting on this, AFRC CEO, Janey Lai, said: “Members of the FRRP are instrumental in contributing to the discharge of our regulatory duties. Conducting enquiries in a timely manner is key to identifying and detecting possible misconduct and non-compliance, thereby safeguarding the integrity of financial reporting and audit quality.”
AFRC chairman, Kelvin Wong, concluded: “I would like to extend my heartfelt gratitude to the retiring members and warmly welcome the new convenors and members of the FRRP. We will leverage the rich experience and professional knowledge of members of the FRRP in conducting fair, transparent and robust enquiries, and promote the sustainable development of the accounting profession.”
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