Hong Kong’s accounting cops just sent Deloitte a pricey reminder that sloppy audit work isn’t cheap. The Accounting and Financial Reporting Council (AFRC) fined the firm and two of its partners a total of HK$1.9 million (approximately US$245,0...
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Watchdog Hits Deloitte Over Audit Failures
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Subscribe29 AUG 2025 / ACCOUNTING & TAXES
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Hong Kong's Accounting and Financial Reporting Council (AFRC) has fined Deloitte and two partners, Samuel Wong and Mak Chi-lung, a total of HK$1.9 million ($245,000) for deficiencies in audits of Tianhe Chemicals Group and Sound Global that failed to identify significant overstatements of revenues and bank balances. Under AFRC's expanded regulatory reach in partnership with China's Ministry of Finance, Hong Kong-based accounting firms and their partners face larger personal liabilities and damaged reputations for audit work deemed to fall short on diligence and professional skepticism.
Hong Kong’s accounting cops just sent Deloitte a pricey reminder that sloppy audit work isn’t cheap. The Accounting and Financial Reporting Council (AFRC) fined the firm and two of its partners a total of HK$1.9 million (approximately US$245,0...
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