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AFRRT confirms AFRC’s decisions to suspend Chiang Sham Lam Anthony and Anthony S. L. Chiang & Co. for serious violations of fundamental auditor independence requirements
22 May, 2025

The Accounting and Financial Reporting Council (AFRC) has suspended Mr Chiang Sham Lam Anthony (Chiang) and Anthony S. L. Chiang & Co. (ASLC & Co) (together, Regulatees) for three years from 22 May 2025 to 21 May 2028, and imposed pecuniary penalties totalling HK$500,000. In its determination of the Regulatees’ review application, the Accounting and Financial Reporting Review Tribunal’s (AFRRT) has confirmed and upheld the AFRC’s decisions against the Regulatees for (i) breaching fundamental independence requirements when performing audits (Audits) for five private companies (Companies) over 22 years and (ii) failing to establish and maintain an effective quality control system to ensure independence.

 

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