For the period from 1 January 2008 to 30 June 2008
REVIEW OF COMPLAINTS
Complaint
Current Period
Since commencement
Note
No. of cases under review at the beginning of the period
9
-
Complaints received
5
22
Reviews suspended
(4)
(4)
1
Reviews completed:
- No. of cases with no follow-up action
(8)
(11)
2
- No. of cases with follow-up actions (see below)
-
(5)
Withdrawn by complainants
-
-
Under review as at 30 June 2008
2
2
Follow-up actions taken:
- Resolved without initiating an investigation or enquiry
-
1
3
- Referred to specified enforcement agencies
-
2
4
- Enquiries initiated (see table below)
-
1
- Investigations initiated (see table below)
-
1
Remark: A complaint may contain multiple allegations. Each allegation may lead to different courses of action. On the other hand, more than one complaint may relate to the same entity and similar issues. These complaints will be consolidated for follow up purpose.
PROGRESS OF ENQUIRIES
Enquiry
Current Period
Since commencement
Note
No. of cases in progress at the beginning of the period
1
-
Initiated
-
1
Completed
(1)
(1)
5
In progress as at 30 June 2008
-
-
For completed enquiries, the following actions were taken:
No. of cases in progress at the beginning of the period
1
-
Initiated
-
1
Completed
-
-
5
In progress as at 30 June 2008
1
1
For completed investigations, the following actions were taken:
- No further action recommended
-
-
6
- Referred to specified enforcement agencies
-
-
4
Notes :
1
The review is suspended pending investigation by a specified enforcement agency. (See note 4)
2
No follow-up action is required. After the Council has reviewed the complaint by reference to the material provided by the complainant and additional information obtained from the party concerned, the Council consideres that the complaint has no merit or the party concerned has provided a satisfactory explanation.
3
The FRC has invited the party concerned to comment on the allegation. With the co-operation of the party concerned, the matter has been resolved satisfactorily without initiating an investigation or enquiry.
4
Specified enforcement agencies are defined in the FRC Ordinance, e.g. HK Police, ICAC, HKICPA, SFC, HKEx, etc.
5
Upon completion of an enquiry or investigation, it may lead to multiple courses of action.
6
After the completion of an investigation or enquiry, the Council concludes that there is no audit irregularity or non-compliance. Hence, no further action is required.
7
Notice issued to listed entities to secure removal of non-compliance identified.
