Process Review Panel for Accounting and Financial Reporting Council publishes 2023-24 report
The following is issued on behalf of the Process Review Panel for the Accounting and Financial Reporting Council:
The Process Review Panel (PRP) for the Accounting and Financial Reporting Council (AFRC) published its annual report today (December 31), covering the work of the PRP in 2023-24.
The Chairperson of the PRP, Ms Edith Shih, said, "The PRP has conducted a review of the AFRC's work in 2022-23 under its statutory functions of inspection, issuance of practising certificates, registration and recognition, investigation and enquiry, as well as oversight of the Hong Kong Institute of Certified Public Accountants' performance of specified functions. The PRP concluded from the review that the AFRC had carried out the work in accordance with its internal procedures. The PRP also made a number of observations and recommendations to the AFRC with a view to helping it further enhance its regulatory efficiency and effectiveness.
"We are grateful for the co-operation and support rendered by the AFRC in facilitating the work of the Panel, as well as its positive response to the PRP's recommendations," she added.
The 2023-24 Annual Report has been uploaded to the website of the Financial Services and the Treasury Bureau at (www.fstb.gov.hk/fsb/en/business/prp/doc/afrc_prp_report23_e.pdf). The PRP welcomes views of the public and market participants on the PRP's work. Comments can be referred to the PRP via email at afrcprp@fstb.gov.hk.
Authorized person disciplined for professional negligence
The Authorized Persons', Registered Structural Engineers' and Registered Geotechnical Engineers' Disciplinary Board has completed a disciplinary inquiry and decided that an authorized person (AP) should be disciplined for professional negligence under section 7(1A)(b) of the Buildings Ordinance (BO).
The Board ordered the AP to be reprimanded and to pay $131,800, being the costs of the Board for conducting the inquiry.
The Board's written decision and order issued on December 20, 2024, was published in the Gazette today (January 3). Details are available at the following link: www.gld.gov.hk/egazette/pdf/20252901/egn2025290131.pdf.
The case involved a building construction project on Tai Shu Ha Road West in Yuen Long. Upon investigation by the Buildings Department (BD), it was found that the layout of the clubhouse in the project differed from the approved plans, as an additional floor slab was found between G/F and 1/F of the clubhouse. The AP advised in a letter to the BD in 2018 that one of the reasons for altering the layout of the clubhouse was a request from the Water Supplies Department to enlarge the water meter room, which turned out to be inaccurate. In view of the investigation results, the BD notified the Board for its consideration of disciplinary action against the AP under the provision of section 13(1) of the BO.
A spokesperson for the BD emphasised that persons registered under the BO may be disciplined if they are negligent or engage in misconduct.
