AFRC Welcomes Process Review Panel Report 2024-25

The Accounting and Financial Reporting Council (AFRC) welcomes the publication of the Process Review Panel’s (PRP) Annual Report 2024-25.

In the 2024-25 review cycle, the PRP reviewed a broad range of cases handled by the AFRC, covering not only its oversight of Public Interest Entities (“PIEs”) auditors but also its broader statutory functions, including registration, inspection, investigation, and disciplinary matters relating to accounting professionals and practice units.

Overall, the Panel concluded that the AFRC had handled the cases reviewed in accordance with its internal procedures and guidelines. The report also recognises the AFRC’s efforts in implementing previous recommendations and offers constructive suggestions on enhancing specialist expertise, leveraging artificial intelligence and strengthening case information management.

Ms Janey Lai, Chief Executive Officer of the AFRC, expressed her sincere appreciation for the PRP’s valuable insights and constructive recommendations.

"We are grateful to the PRP for its guidance, which has played an important role in strengthening our regulatory framework and processes. We also deeply appreciate the time and dedication of its members. Their recommendations will continue to support our efforts to uphold the high standards of audit quality and market integrity in Hong Kong," she said.