During the financial period from 1 July 2022 to 31 December 2022, the Practice Review Department (“PRD”) had finalised 8 first review reports and Nil monitoring reviews.

The outcomes of the first review and monitoring review are as follow:

The above statistics represent high-risk firms selected based on a risk-based approach and are NOT representative of the audit profession as a whole. The selection of firms assessed as higher risk would naturally result in the selection of firms that are more likely to have difficulties passing the Practice Review process.