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As Assistant to the President for Economic Policy and Director of the National Economic Council (2017-2018), Gary Cohn managed the US economic policy agenda, stimulating economic expansion, job creation, and wage increases through historic tax and regulatory reform. Prior to that he was the President and Chief Operating Officer at Goldman Sachs where he worked for more than 25 years.

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2023 UPDATE | Hong Kong

2023 UPDATE | Hong Kong

by Starling Insights

Starling Insights Editorial Board

Jun 07, 2023

Compendium

Hong Kong Diversity & Inclusion Regtech HKMA HK SFC Culture for Regulators Culture & Consequences Culture & Conduct Supervision Regulatory Trends Managing Culture & Conduct for Good Governance Culture & Misconduct National Security Concerns

Audit

While this report largely focuses on the financial sector, the audit industry is itself essential to a well-functioning system. And, in recent past years, audit firms globally have suffered from similar culture and conduct concerns as financial institutions. As such, it is helpful to look at relevant developments in Hong Kong. In September, for example, KPMG was sued for $830 million USD in Hong Kong over its allegedly “appalling” audit of China Medical Technologies, which had allowed the biotechnology firm to commit a $400 million accounting fraud. The liquidator of the company, which collapsed in 2012, said KPMG failed to ask basic questions which would have exposed the fraud. This includes not questioning a $176 million acquisition of a diagnostics business objectively worth only $155 thousand.1

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