HK Accounting Regulator Fines Deloitte for Audit Deficiencies

The Accounting and Financial Reporting Council says it has sanctioned Deloitte Touche Tohmatsu and its two partners for multiple audit deficiencies related to revenue recognition and other breaches involving two companies formerly listed in Hong Kong, according to a statement.

• The AFRC has issued a public reprimand to Deloitte and the two engagement partners, and imposed pecuniary penalties totalling HK$1.91 million, comprising penalties of HK$1.16 million for Deloitte
• This is the first batch of completed disciplinary cases involving the Mainland audit working papers obtained through cross-boundary regulatory collaboration

To contact the reporter on this story:
Twinnie Siu in Hong ...