Siu Cheong Cheung

Member’s name: Siu Cheong Cheung
Date of Hearing: 22 September 2026
Division: Hong Kong
Tribunal: Disciplinary

On 22 September 2026 the Disciplinary Tribunal found Mr Siu Cheong Cheung breached Article 36(a) of CPA Australia’s 11 May 2022 Constitution (the Constitution) in that he had “committed, participated in or been involved with an Adverse Event” as defined in:

Complaint 1

Article 76(h) of the Constitution as having “became the subject of a final adverse finding in relation to the Member’s conduct, competence or recognition by any Court, professional body, statutory or other regulatory authority in any jurisdiction” in relation to a sanction imposed upon Mr Cheung by the Accounting and Financial Reporting Council (AFRC) of Hong Kong, for the China Evergrande Group audits for the years ended 31 December 2019 and 31 December 2020.

Background

The AFRC found multiple audit deficiencies in the engagement quality control reviews performed by Mr Cheung for the Evergrande Audits conducted in 2019 and 2020.  The Evergrande Audits were conducted by PwC and Mr Cheung was the Engagement Quality Control Reviewer.  The AFRC found that Mr Cheung’s work was inadequate and fell significantly short of discharging the obligation to evaluate the engagement team’s significant judgments and conclusions.  Mr Cheung was publicly reprimanded and had a pecuniary penalty of HK$5 million imposed.  The deficiencies were particularly serious and egregious, raising substantial concerns regarding adherence to fundamental professional and ethical standards.

Decision

Mr Cheung did not attend the Disciplinary Tribunal, however provided written submissions to which the Disciplinary Tribunal accorded significant weight. It also noted his formal acknowledgement and acceptance of the Statement of Disciplinary Advice issued by the Accounting and Financial Reporting Council of Hong Kong and his acceptance of liability for disciplinary action by CPA Australia in this matter.

The Disciplinary Tribunal considered the evidence before it and found the Complaint sustained. 

Penalty and Conditions

The Disciplinary Tribunal acknowledged Mr Cheung’s cooperation throughout the investigation. However, the matter is serious and substantial concerns were raised regarding adherence to fundamental professional and ethical standards.  The Member offered no apology to CPA Australia, demonstrated no remorse and demonstrated little or no insight into the seriousness of his professional misconduct nor its consequences of the multiple audit deficiencies identified, including the deep, broad and far-reaching impact on the public at large. The Disciplinary Tribunal determined that the Member’s professional conduct was not that expected of a Member of CPA Australia and imposed the following penalties:

Complaint 1:

• Forfeiture of membership; not eligible for readmission for 8 years.
• Lowering of his membership status from Fellow, never to be reinstated.  

Costs

The Member was ordered to pay CPA Australia’s costs of A$10,856.50.