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The Accounting and Financial Reporting Council (AFRC) has taken disciplinary action in three cases involving breaches of statutory registration obligations and independence requirements under the Code of Ethics for Professional Accountants.

The AFRC has:

• issued a public reprimand to each of Jon Gepsom CPA Limited (Jon Gepsom) (formerly McM (HK) CPA Limited) and two associated practitioners, Mr Wong Ka Bo, Jimmy (Wong) and Mr Lo Ka Ki (Lo), an external Engagement Quality Control Reviewer, Mr Tang Wai Leung (Tang), and a certified public accountant practising in his own name, Mr Yeung Chi Fai (Yeung);
• imposed pecuniary penalties totalling HK$315,000 in the first case, comprising penalties of HK$210,000 for Jon Gepsom, HK$70,000 for Wong and HK$35,000 for Lo;
• imposed pecuniary penalties of HK$70,000 in the second case against Tang;
• imposed pecuniary penalties of HK$161,000 in the third case against Yeung; and
• ordered Tang and Yeung to pay investigation costs and expenses.

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