The AFRC has imposed sanctions on Chan Steven Kwok Keung and Sino Corp CPA Limited in relation to the professional irregularity arising from the preparation and issuance of an accountant’s report for a solicitor’s firm for the year ended 31 March 2021.
According to the AFRC, Chan and Sino Corp have failed to act diligently when preparing and issuing the accountant’s report. In particular, they failed to conduct proper procedures in determining the law firm’s compliance with the Solicitors’ Accounts Rules (Cap. 159F), which are designed to protect client’s money entrusted to solicitor’s firms. As a result, the AFRC has concluded that Chan and Sino Corp have committed a professional irregularity and are guilty of CPA misconduct.
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The AFRC has reprimanded Chan and Sino Corp, imposed pecuniary penalties of HK$50,000 each, and ordered them to each pay the costs and expenses of, and incidental to, the investigation.
In determining the sanctions imposed, the AFRC had considered all relevant circumstances, including that there is no evidence of intentional, dishonest, deliberate or reckless misconduct, nor evidence of any loss to third parties as a result of the misconduct, as well as the clean disciplinary record of Chan and Sino Corp.
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