Process Review Panel for Accounting and Financial Reporting Council publishes 2024-25 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 (June 5), covering the work of the PRP in 2024-25.
The Chairperson of the PRP, Ms Edith Shih, said, "The PRP has conducted a review on the AFRC's work in 2023-24 under its statutory functions of inspection, issuance of practising certificates, registration and recognition, investigation and enquiry, discipline, as well as oversight of the performance of specified functions of the Hong Kong Institute of Certified Public Accountants. 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 on helping it to 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 2024-25 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_report24_e.pdf). The PRP welcomes the 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.
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Online pre-registration for public observation for fifth round of evidential hearings of Independent Committee in relation to fire at Wang Fuk Court in Tai Po
The following is issued on behalf of the Independent Committee in relation to the fire at Wang Fuk Court in Tai Po:
The Independent Committee in relation to the fire at Wang Fuk Court in Tai Po announced today (June 5) that the fifth round of evidential hearings, comprising three hearings, would be held from June 22 to June 25. Members of the public may pre-register for selected hearings under this round that they wish to observe via the online system from 10am on June 8 to 10am on June 11.
The exact dates for the fifth round of three evidential hearings are as follows:
Date |
1. |
June 22 (Monday) |
2. |
June 24 (Wednesday) |
3. |
June 25 (Thursday) |
The evidential hearings will be held from 10am to 1pm and from 2.15pm to 4.30pm at the Multi-purpose Hall, 3/F, City Gallery, 3 Edinburgh Place, Central.
In the fifth round of evidential hearings, the Committee will receive oral evidence from the experts appointed by the Government and the Committee respectively on issues relating to the causes that led to the fire and its rapid spread. Part of the evidence will be given in English. Simultaneous interpretation in Cantonese, Putonghua and English will be provided in the City Gallery. The Committee will release the list of exact witnesses who will be giving evidence at each date of hearing on its website (www.ic-wangfukcourtfire.gov.hk/eng/timetable.html) nearer the time.
Some seats for the hearings will be reserved for the involved parties, and some seats will be open to the public to observe the proceedings. To allow more members of the public to attend the hearings, the proceedings will be broadcast simultaneously in transmission areas set up on the ground floor of the City Gallery and in the Lecture Theatre of the Hong Kong Central Library. Arrangements will be made for some members of the public to observe the hearings in these two areas. A total of about 360 seats will be available for public observation in the main venue and the two transmission areas. About half of the seats will be set aside for residents of Wang Fuk Court on a priority basis. Separate arrangements will be made for the media.
To avoid members of the public queuing outside the venue for a long time, and to allow those who wish to observe the hearings to have certainty of whether seats have been secured before the day of the hearings, for the fifth round of hearings, individuals (including Wang Fuk Court residents) are required to pre-register online (eform.cefs.gov.hk/form/ic-hearing/en/) from 10am on June 8 to 10am on June 11. Registrants should select on the online registration form the dates they wish to observe (one or more sessions can be selected) and submit the duly completed form. The Secretariat of the Committee will allocate seats on a first-come, first-served basis according to the system's record of the time that the pre-registration forms are received.
Successful registrants will receive a "Confirmation of Successful Registration" for the fifth round of hearings issued by the Secretariat of the Committee by June 17. An SMS notification will be sent from the sender name "#IC-hearing". If an email address is also provided during pre-registration, an email notification will be sent from hearing@ic-wangfukcourtfire.gov.hk. Pre-registration will be considered unsuccessful for those who have not received a notification by that date. Each person can only pre-register for each day of hearing once. Duplicate registrations will not be processed.
According to the current plan, more hearings will be held. Relevant details (including the specific dates and the pre-registration arrangements for public observation) will be announced separately.
The Chief Executive established the Committee to review the causes of the fire at Wang Fuk Court and related issues, and to make recommendations to prevent similar incidents from occurring again. The Committee formally commenced its work on December 19, 2025. The evidential hearings commenced on March 19, and so far four rounds of 24 hearings have been held. The Committee hears evidence in the evidential hearings on matters in accordance with its terms of reference. The Committee aims to clarify the relevant facts through oral evidence, written submissions, and other forms of evidence presented by witnesses. This provides an important basis for the preparation of its report and recommendations.
