Corporate Governance

Financial Reporting Review Panel

Members of the FRRP are appointed by the Financial Secretary under the delegated authority of the Chief Executive of the Government of the Hong Kong Special Administrative Region.

The Financial Reporting Review Committee (FRRC)
When the Accounting and Financial Reporting Council (AFRC) decides to conduct an enquiry into a non-compliance with financial reporting requirements on the part of a listed entity, it may appoint a FRRC consisting of a Panel Convenor as the Chairman and at least four other members of the FRRP to conduct the enquiry. The FRRC may, with the powers vested in it under section 43 of the Accounting and Financial Reporting Council Ordinance, require relevant persons to produce records and documents and provide information and explanation for the purpose of the enquiries.

Mr Paul Donald Hebditch
Panel Convenor

Mr Hebditch has over 35 years of experience in the accounting profession, including more than 25 years in Hong Kong.  He was a partner in the Professional Practice Department of Ernst & Young Hong Kong, where his role included overseeing the firm’s audit quality.

 

He is currently Chairman of the Audit and Assurance Standards Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA), and has also previously served on various committees and panels of regulatory bodies in Hong Kong.

 

He has a detailed knowledge of Hong Kong’s financial regulatory environment and is committed to upholding the highest ethical professional standards, and working in the public interest.

Mr Ernest Lee
Panel Convenor

Mr Lee is a Technical Partner at Deloitte China, with over 30 years of experience in the accounting profession.

He actively contributes to the development of financial reporting standards locally and internationally.  He served as Chairman (2019-2021) of the Financial Reporting Standards Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA).  He has been a member of various HKICPA's advisory panels on financial reporting matters for many years.  He is currently a member of HKICPA's newly established Sustainability Disclosures Standards Committee.

Mr Lee is currently a member of the Listing Committee of the Hong Kong Exchanges and Clearing Limited (HKEX), a member of the Standing Committee on Company Law Reform, and a member of the Securities and Futures Appeals Tribunal.  In addition, he is the Immediate Past President of The Hong Kong Chartered Governance Institute (HKCGI), formally known as The Hong Kong Institute of Chartered Secretaries.  He represents HKCGI on the Services Advisory Committee of the Official Receiver's Office. 

As an advocate of education, Ernest also serves as a professional advisor to the Executive Master of Accounting programme at Cambridge Judge Business School, University of Cambridge, UK.

Mr William Lo
Panel Convenor

Mr Lo is the Executive Director, Finance, of the Airport Authority Hong Kong. He is an accountant by training and is a fellow of the Institute of Chartered Accountants in England and Wales (ICAEW), the Hong Kong Institute of Certified Public Accountants (HKICPA), the Taxation Institute of Hong Kong and the Hong Kong Institute of Directors (HKIoD). He also holds an MBA degree from Warwick University, UK. Mr Lo is a member of the Hong Kong Chapter Committee of the ICAEW, a member of the Governance Committee of the HKICPA, a member of the Finance Committee of the Scout Association of Hong Kong, a Council Member and Deputy Chairman of the HKIoD, and member of the Executive Committee and one of the Vice Presidents of Hong Kong Professionals & Senior Executives Association. In June 2016, Mr Lo was appointed as an Accounting Advisory Expert by the Ministry of Finance of The People's Republic of China and re-appointed in July 2019.

Prof Mo Lai-lan
Panel Convenor

Prof Mo is a professor of Accountancy at the City University of Hong Kong. Previously, she served as Professor and Head of the Department of Accountancy at Lingnan University. She was a member of the Auditing and Assurance Standards Committee of the Hong Kong Institute of Certified Public Accountants. Currently, she is a member of the Board of Review (Inland Revenue Ordinance, Hong Kong) and a specialist of Hong Kong Council for Accreditation of Academic and Vocational Qualifications (HKCAAVQ).

Mr Eric Tang Ying-cheung
Panel Convenor

Mr Eric Tang has served as an Adviser to Deloitte Touche Tohmatsu (Deloitte) since his retirement in 2022 and is an independent non-executive director of a listed company in Hong Kong. With over 35 years of audit and assurance experience, he was a member of the Financial Reporting Review Panel (FRRP) between July 2018 and July 2024. During his tenure as a partner of Deloitte from 1999 to 2022, Mr Tang held various leadership roles, including National Professional Practice Director and China Governing Board member in Deloitte China.

Mr Jim Tang
Panel Convenor

Mr Tang, together with other professionals in KPMG China's Department of Audit Quality and Professional Practice, specialises in supporting the firm and its clients with a wide range of IFRS/HKFRS financial reporting issues.

Jim was previously a full-time seconded partner at KPMG's International Standards Group based in London.  In this role, he was part of a team that monitors, reports and provides feedback to the IASB and its Interpretations Committee, develops and distributes guidance on interpretation and application of IFRS, and provides technical support to KPMG member firms on client-specific issues.

Ms CHIU Su Yuen, Caroline
Member

Ms Caroline Chiu is an Assurance partner and the Hong Kong Professional Practice Director of Ernst & Young, with over 25 years of professional experience in the audit and sustainability practice, serving private and listed companies in a broad range of industries and sectors in Hong Kong, China and the US.  Caroline has extensive experience in serving clients on pre-IPO/IPO transactions and cross border capital market transactions.  She also provides sustainability assurance and advisory services including ESG rating advisory and provides supports to clients on decarbonization roadmap and compliance requirements on ESG related matter.

Caroline is currently a member of the EY Global ISSB Policy Committee, a member of the Hong Kong Institute of Certified Public Accountants (HKICPA) Auditing and Assurance Standard Committee, and a member of HKICPA Sustainability Disclosure Standard Committee.  She is also an advisory member of the Advisory Board on Accountancy of Lingnan University, Hong Kong.

Ms Chhoa Peck-lim, Bella
Member

​Ms Chhoa is the Director – Asset Management of Sino Land Company Limited.  Prior to joining Sino, she was General Counsel and named Company Secretary in blue-chip listed companies.  She has extensive experience in corporate, compliance, commercial, litigation and ESG matters.  She is a solicitor qualified to practice in Hong Kong. 

Ms Chu Ngar-yee, Irene
Member

Ms Chu is a Partner of KPMG China leading the Technology and New Economy sector, and Life Sciences sector at KPMG for the Hong Kong region.  Since 2020, Irene also leads the ESG reporting and advisory practice for KPMG in Hong Kong.  She has extensive experience in working with emerging growth companies and leading audit and IPO engagements.  The industry sectors of her current and past clients include biopharmaceutical, diagnostics, fintech, consumer markets, e-commerce, software, semiconductors and telecommunications.

She is currently serving the following public services:

 

  • The Chair of Finance Committee, Board Member of the Executive Council and Governor of WWF-Hong Kong
  • Member of the Innovation and Technology Venture Fund Advisory Committee of The Innovation and Technology Commission, The Government of the Hong Kong Special Administration Region of the PRC
  • Member of the Estate Agents Authority, The Government of the Hong Kong Special Administration Region of the PRC
  • Member of the Sustainability Committee of the Hong Kong Institute of Certified Public Accountants
  • Member of the Sustainability Committee of the British Chamber of Commerce in Hong Kong
  • Advisor of Hong Kong Life Sciences Society
Mr Chung Koon Chung, Benny
Member

Mr Chung is a former investment banker and Co-CEO of a financial institution. He has over 20 years of investment banking experience, having worked with various multinational investment banks.  He has comprehensive experience in corporate finance transactions including initial public offering, mergers and acquisitions and so on. Prior to joining the investment banking industry, Mr Chung had worked at a multinational accounting firm as an auditor for over 2 years.

Ms Fanny Hsiang Yuet-ming
Member

Ms Hsiang served as the Head of the Technical & Training Department at BDO Hong Kong for over a decade. In 2020, she was appointed Head of Audit & Assurance Quality Management at BDO Hong Kong, fulfilling both roles until her retirement in March 2025.

Ms Hsiang was a member of the IFRS Policy Committee at BDO Global Office. From July 2014 to June 2020, she served on the Small and Medium-sized Entities Implementation Group of the IFRS Foundation.

She was a member of the HKICPA Financial Reporting Standards Committee from January 2022 to December 2024 and has served on the HKICPA Professional Standards Monitoring Panel.

She is a fellow member of the Institute of Chartered Accountants in England and Wales.

Prof Hung Ming Yi
Member

Prof Hung is a professor at University of British Columbia and Hong Kong University of Science and Technology.  She received her Ph.D. from Massachusetts Institute of Technology (MIT).  Her research focuses on financial disclosures and institutional development in global capital markets.  She is a former Editor of the top accounting journal The Accounting Review and has published in various leading academic journals.  She is currently on several top journal’s editorial boards.

Mr Alexander Kaung Wai-ming
Member

Mr Kaung is a partner of MinterEllison LLP, an international law firm, and has been a commercial litigation lawyer in private practice for over 25 years. He has extensive experience in securities regulatory investigations and enforcement actions, financial services disputes, shareholders disputes and minority shareholders actions. He has also advised beneficiaries and executors/administrators of very substantial Hong Kong estates on contentious and non-contentious probate issues. Mr Kaung previously served on Disciplinary Panel A of the Hong Kong Institute of Certified Public Accountants (HKICPA), initially as a member and later on as the Alternative Convenor and the Convener of the Disciplinary Panel.

Mr Lam Chi-ki
Member

Mr Lam is a managing partner at CLY Lawyers and heads the firm’s Commercial Department. He is also a China-Appointed Attesting Officer and possesses extensive expertise in mergers and acquisitions, foreign direct investment and venture capital.

 

Mr Lam has many years of experience in commercial litigation, addressing issues such as shareholder disputes, debt recovery, tenancy disputes, and land disputes. In addition to his legal practice, he currently serves on several advisory bodies and appeal panels, including the Advisory Committee of the Securities and Futures Commission, the Review Body on Bid Challenges, and the Appeal Panel (Travel Industry Ordinance). Mr. Lam acts as a legal advisor for various social organizations, contributing his expertise to the community.

Ms Lam Sin-yu, Bernardine
Member

​Ms Lam joined China Resources Enterprise, Limited in July 2021 as the Chief Investment & Development Officer.  Prior to joining CRE, she had a wealth of legal experience and offers her broad corporate client base detailed knowledge of the Hong Kong corporate industry along with on-the-ground experience in many high-profile and acclaimed complex cross border M&A, equity capital markets and corporate and regulatory compliance across a range of industries.​

Ms Carrie Lau Kar-yee
Member

Ms Lau is a Technical Partner in the Capital Market Services Group at Deloitte China.  She has over 20 years of experience and specialises in initial public offerings in Hong Kong as well as other capital market transactions.

Mr Lee Man-lung, Gilbert
Member

Mr Lee is Chief of Staff to Chief Executive of Hang Seng Bank, Executive Chairman of Hang Seng Indexes Company Limited and Vice-Chairman of Hang Seng Bank (China) Limited. He earned an MBA from INSEAD and is a Fellow of CPA Australia, a Fellow of Chartered Institute of Management Accountants, a Chartered Global Management Accountant, a Chartered Financial Analyst, an Associate of Life Management Institute, and a Certified Fintech Professional (Management) (CPFinT(M)).

Ms Lee Yi-ling, Alva
Member

​Ms Lee is a Partner of KPMG, the Head of Governance, Risk and Compliance Services in Hong Kong and leads the KPMG China's Board Leadership Centre. She is a Fellow member of the Hong Kong Institute of Certified Public Accountants (HKICPA), a member of American Institute of Certified Public Accountant (AICPA) and a Certified Internal Auditor (CIA).  She is also a Governor of The Institute of Internal Auditors in Hong Kong.

Mr Lee Chi-hin, Jacob
Member

Mr LEE Chi Hin Jacob is currently a senior vice president of Chow Tai Fook Enterprises Limited (CTFE) with responsibilities in making strategic and private equity investments globally.  Mr Lee joined CTFE in March 2013 and has approximately 20 years of professional experience in corporate finance, investment, international capital markets and asset management.  He previously worked at the investment banking department of The Hongkong and Shanghai Banking Corporation Limited and Deutsche Bank AG in Hong Kong.  Mr Lee holds a Master of Science degree in Accounting and Finance from The London School of Economics and Political Science to the University of London in London, United Kingdom and a Bachelor of Business Administration degree from the University of Michigan in Ann Arbor, United States of America.  He is also a Chartered Financial Analyst Charterholder.

 

Mr Lee is currently an executive director of Giordano International Limited and a non-executive director of Integrated Waste Solutions Group Holdings Limited and New Times Energy Corporation Limited.  Shares of these companies are listed on the Hong Kong Stock Exchange.

 

Mr Lee is also currently serving as a member of the Hospital Governing Committee of Tin Shui Wai Hospital, a member of the Financial Reporting Review Panel under the Accounting and Financial Reporting Council and a member of the Appeal Panel (Housing) under the Housing Bureau of the Government of HKSAR.

Mr Jason Li Jiasheng
Member

Mr Li is a Corporate Reporting Services partner in PwC Mainland China and Hong Kong, where he has spent the last 15 years and now is the deputy leader of the financial instruments team. He is a member of the financial instruments topic team and some working groups such as leasing, IFRS 18 and cross-topic team within the PwC global network. He also represents Mainland China and Hong Kong on PwC's global Insurance Industry Accounting Group.

Mr Lo Man Chuen, Benjamin
Member

Mr Lo was the Head of Hong Kong Research & China Autos Research at Nomura.  Before joining Nomura, Mr Lo was head of Asia conglomerate research in JP Morgan.  He has also previously worked in Deutsche Bank.

Mr Lo received his Bachelor of Economics and Bachelor of Laws from the University of Sydney.

Mr Louis Mak
Member

Mr Mak is running his family business comprising tourism, transportation, financing, bullion trading, and information technology.  He has over 40 years of experience in the financial markets.  He is a Chartered Financial Analyst, a Certified Financial Planner, a Certified Banker under the Hong Kong Institute of Bankers, an Associate member of the Hong Kong Chartered Governance Institute, and a Senior Fellow Member of the Hong Kong Securities and Investment Institute.  Previously, he was working at the Stock Exchange of Hong Kong, and was serving as a member of the Derivatives Market Consultative Panel of the HKEX, and a member of the Securities and Futures Appeals Tribunal.

Mr Joe Ng Chun-man
Member

Mr Ng is a Professional Practice Partner of Ernst & Young in Hong Kong.  He has extensive experience in providing auditing and accounting advisory services to financial institutions in Mainland China and Hong Kong, including large state-owned banks and international banks. He is the Chairman of the Financial Reporting Standards Committee (“FRSC”) of the Hong Kong Institute of Certified Public Accountants, and a member of FRSC’s Financial Instruments advisory panel.

Mr Ng Wing-fai, Simon
Member

Mr Ng is the Founder of Messrs. Simon W.F. Ng & Company. He is a Certified Public Accountants (Practising) and holds an Honours Degree in Accountancy, Master of Arts in International Accounting and a Bachelor of Laws with Honours. He is a Fellow of the Hong Kong Institute of Certified Public Accountants, a Fellow of the Institute of Chartered Accountants in England and Wales. Mr. Ng was past President of the Society of Chinese Accountants & Auditors.

Prof Wang Xin
Member

Prof Wang is currently a full professor of Accounting at The University of Hong Kong (HKU). Before he joined HKU in 2011, Prof Wang worked at The Chinese University of Hong Kong from 2006 – 2011. Prof Wang received his Ph.D. degree in Accounting from Duke University and obtained a Bachelor’s degree and a Master’s degree from Tsinghua University. Prof Wang is a CPA of CPA Australia

Ms Elza Yuen Wai-yiu
Member

Ms Yuen is a Corporate Reporting Services partner in PwC Hong Kong and has over 30 years of professional service experience in auditing and providing accounting advice in a wide range of industries covering many capital markets transactions and initial public offerings. She is the division’s corporate accounting team leader for PwC Mainland China and Hong Kong. Ms Yuen is a member of the Financial Reporting Standards Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA). She also serves on three advisory panels of the HKICPA on Business Combinations, Revenue Recognition and Disclosure Initiatives. She holds the MBA degree from the Chinese University of Hong Kong.