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HK's auditing complaints rise but quality remains

Hong Kong's Accounting and Financial Reporting Council said that complaints have not affected the auditing quality in the city amidst the worsening economic situation. The council saw the number of pursuable complaints more than double to 110 for the year ending in March this year. Chairman Kelvin Wong Tin-yau stressed the rise in complaints, which is also due to increased public awareness, does not necessarily reflect a declining audit quality. Wincey Lam Wing-chi, head of investigation and compliance, said the council will continue to investigate potential misconduct of auditors, with a particular focus on listed companies in the real-estate sector and education sector this year. Wong also said the council will provide necessary assistance to US auditors conducting onsite audit inspections of Chinese companies in Hong Kong.

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