The Chief Executive has appointed members to the Financial Reporting Review Panel, an organ established under the Financial Reporting Council (FRC) to enquire into accounting non-compliances of listed corporations and collective investment schemes (listed entities) in Hong Kong. The appointments were made in accordance with the Financial Reporting Council (FRC) Ordinance for a term of three years with effect from Monday (July 16).
(PressZoom) - The Chief Executive has appointed members to the Financial Reporting Review Panel, an organ established under the Financial Reporting Council ( FRC ) to enquire into accounting non-compliances of listed corporations and collective investment schemes ( listed entities ) in Hong Kong.
The appointments were made in accordance with the Financial Reporting Council ( FRC ) Ordinance for a term of three years with effect from Monday ( July 16 ). The FRC will become fully operational on the same day.
The appointments are as follows:
Convenors-cum-Members: ---------------------
Mr Wilson Fung Ying-wai Prof Amy Lau Hing-ling Dr Eric Li Ka-cheung, GBS, JP Mr David Lie Tai-chong, JP Mr Roderic N. A. Sage Ms Elisabeth Charlotte Scott
Members: -------
Mr Roger Thomas Best, JP Mr Paul Brough Mr Edmond Chan Ka-ling Ms Annie Chan Wai-hing Ms Dilys Chau Suet-fung Mrs Lina Cheng Tang Ho-kuen Mr David Cheung Ching-leung Prof Stephen Cheung Yan-leung, JP Ms Chew Sein-mene Mr Raphael Ding Wai-chuen Mr Eugene Fung Pui-cheung Mr Chris Hall Mr Nelson Lam Chi-yuen Mr Kenneth Lam Mr Kevin Lau Siu-ki Ms Cecilia Lee Sau-wai Ms Carol Lee Tso-yun Mr John Robert Lees Mr Brian David Li Man-bun Prof Low Chee-keong Ms Ayesha Abbas Macpherson Ms Edith Ngan Man-ling Ms Josephine Price Mr Stephen Taylor Mr Carlson Tong, JP Mr Tony Tsoi Tong-hoo Mr Paul F. Winkelmann Mr Peter Wong Hong-yuen, GBS, JP Mr Alvin Wong Tak-wai
"The FRC is a major initiative in enhancing the regulation of the accounting profession and corporate governance of companies listed in Hong Kong," a government spokesman said today ( July 12 ).
"The Financial Reporting Review Panel is an important component of the new regulatory regime. Its work is indispensable to the discharge of FRC's statutory functions," he added.
When an enquiry case arises, the FRC will appoint one convenor and four or more members from the panel to form a Financial Reporting Review Committee.
The committee will enquire into cases of non-compliance with relevant legal, accounting and other regulatory requirements by listed entities in their financial reports. It will submit an enquiry report on the case to the FRC for consideration and, where appropriate, follow-up action.
The appointments will be gazetted tomorrow ( July 13 ).
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