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HK Accounting Regulator Fines PwC HKD300M, Imposes 6-Mth Practice Restriction over Evergrande Audit
Recommend 4 Positive 1 Negative 7 |
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The Accounting and Financial Reporting Council (AFRC) has sanctioned PricewaterhouseCoopers (PwC) and two of its former partners and registered responsible persons, Cheung Siu Cheong (Cheung) and Chow Sai Keung (Chow), for misconduct in connection with PwC’s audits of the consolidated financial statements. The AFRC issued a public reprimand to each of PwC, Cheung and Chow; imposed pecuniary penalties totaling HK$310 million, comprising a penalty of HK$300 million on PwC and penalties of HK$5 million each on Cheung and Chow; imposed an immediate practice limitation prohibiting PwC, for a period of six months, from accepting, performing, or issuing reports in respect of any PIE engagements for new clients; and directed PwC to provide periodic updates and reports to the AFRC regarding its remedial actions for a period of twelve months (at intervals of no more than three months); and to arrange additional training to ensure that effective remedial measures are implemented to address the regulatory concerns identified by the AFRC in this matter. Auto-translated by AI AASTOCKS Financial News |
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