Accounting and Financial Reporting Council 會計及財務匯報局
AFRC fully supports the 2023 District Council Ordinary Election
Accounting & Financial Reporting Council, 25-Nov-2023
Comment: it's sad to see HK's accounting regulator being abused in this way. The DC election is way beyond their statutory functions and has nothing to do with accounting regulation. Chairman Kelvin Wong should know better.
Accounting & Financial Reporting Council, 25-Nov-2023
Comment: it's sad to see HK's accounting regulator being abused in this way. The DC election is way beyond their statutory functions and has nothing to do with accounting regulation. Chairman Kelvin Wong should know better.
HKICPA fines Charles Chan Wai Dune, Delores Teh Eng Hua, Yau Hok Hung & CCIF CPA Ltd
HKICPA, 5-May-2022
For bad audit work on the 2005-2007 accounts of First Natural Foods (1076), now reborn as Imperial Pacific International Holdings Ltd. The main subsidiary of the Fujianese eel producer turned out to have 2 sets of accounts and there were forged sales. Ever alert, It took 7 years until the Financial Reporting Council received a complaint "from a regulator" (probably SFC) and another 3.5 years until they issued a report and sent it to the HKICPA in Nov-2018. We note that Mr Chan and his firm were previously fined by HKICPA in 2010 in a separate case.
HKICPA, 5-May-2022
For bad audit work on the 2005-2007 accounts of First Natural Foods (1076), now reborn as Imperial Pacific International Holdings Ltd. The main subsidiary of the Fujianese eel producer turned out to have 2 sets of accounts and there were forged sales. Ever alert, It took 7 years until the Financial Reporting Council received a complaint "from a regulator" (probably SFC) and another 3.5 years until they issued a report and sent it to the HKICPA in Nov-2018. We note that Mr Chan and his firm were previously fined by HKICPA in 2010 in a separate case.
3 accountants among 9 arrested by ICAC for alleged bribery over listing of Macao construction firm
| FRC announcement
ICAC, 22-Nov-2021
Webb-site Who's Who indicates that the firm is almost certainly Huarchi Global (2296), which shares a HK office with its auditor Wellink CPA Ltd and is chaired by Lou Cheok Meng. The Accountants' Report in the prospectus was signed by Opal Chan Yan Ting, MD of Wellink. The stock was suspended last Friday and looks like a bubble to us, on 8.6x NAV and a P/E of 109. Wong Yat Chung was CFO from 2018 until the end of 2020 when he was replaced by Chan Wai Lun. The listing was sponsored by Ample Capital Ltd. Wellink is currently the auditor of 3 other listed companies.
ICAC, 22-Nov-2021
Webb-site Who's Who indicates that the firm is almost certainly Huarchi Global (2296), which shares a HK office with its auditor Wellink CPA Ltd and is chaired by Lou Cheok Meng. The Accountants' Report in the prospectus was signed by Opal Chan Yan Ting, MD of Wellink. The stock was suspended last Friday and looks like a bubble to us, on 8.6x NAV and a P/E of 109. Wong Yat Chung was CFO from 2018 until the end of 2020 when he was replaced by Chan Wai Lun. The listing was sponsored by Ample Capital Ltd. Wellink is currently the auditor of 3 other listed companies.
HKICPA reprimands Mr Yu Chi Fat of HLB Hodgson Impey Cheng
HKICPA, 3-May-2021
For bad work on the 2012 audit of Emperor Culture (0491). The case was referred by the Financial Reporting Council. Notably there is no fine, but costs of HKICPA and FRC at HK$39k are awarded. We note that Mr Yu and his firm were fined in Aug-2019 in another case.
HKICPA, 3-May-2021
For bad work on the 2012 audit of Emperor Culture (0491). The case was referred by the Financial Reporting Council. Notably there is no fine, but costs of HKICPA and FRC at HK$39k are awarded. We note that Mr Yu and his firm were fined in Aug-2019 in another case.
HKICPA fines Mr Lee Ping Kai HK$30k
HKICPA, 9-Oct-2017
Filling the blanks: Mr Lee is/was a director of Pan-China (H.K.) CPA Ltd, which did the audit of GT Group (0263) for 2014 and the interim review for 2015. HKICPA fails to name either of these. Webb-site filed a complaint against the auditor with the Financial Reporting Council in Dec-2015.
HKICPA, 9-Oct-2017
Filling the blanks: Mr Lee is/was a director of Pan-China (H.K.) CPA Ltd, which did the audit of GT Group (0263) for 2014 and the interim review for 2015. HKICPA fails to name either of these. Webb-site filed a complaint against the auditor with the Financial Reporting Council in Dec-2015.
Leslie Cheng, Burkes and Turks
It appears that the FRC and HKICPA, in its recent action against Leslie Cheng & Co, missed the elephant in the accounts of Luxey (8041). 6 listed companies are keeping him on board, 3 as chairman of their audit committees. And then there's his doctorate... (16-Jan-2016)
It appears that the FRC and HKICPA, in its recent action against Leslie Cheng & Co, missed the elephant in the accounts of Luxey (8041). 6 listed companies are keeping him on board, 3 as chairman of their audit committees. And then there's his doctorate... (16-Jan-2016)
GT (0263) corrects 2014 EPS again
Company announcement, 22-Dec-2015
This follows a complaint to SEHK by Webb-site on 6-Dec-2015, that the purported correction announced in August was incorrect. The auditor, which also got the initial correction wrong, is Pan-China (H.K.) CPA Ltd. Webb-site has filed a complaint against them with the Financial Reporting Council.
Company announcement, 22-Dec-2015
This follows a complaint to SEHK by Webb-site on 6-Dec-2015, that the purported correction announced in August was incorrect. The auditor, which also got the initial correction wrong, is Pan-China (H.K.) CPA Ltd. Webb-site has filed a complaint against them with the Financial Reporting Council.
FRC probably investigating Esprit
The Government has appointed a standby Chairman and two temporary members of the Financial Reporting Council, to deal with potential conflicts of interest for its Chairman, John Poon Cho Ming, and other members. We connect the dots. (20-Sep-2015)
The Government has appointed a standby Chairman and two temporary members of the Financial Reporting Council, to deal with potential conflicts of interest for its Chairman, John Poon Cho Ming, and other members. We connect the dots. (20-Sep-2015)
Putting the FRC in Farcical
In a shocking failure to recognise a basic and obvious accounting and auditing error, HK's Financial Reporting Council rejected our complaint. The listed company involved has now admitted the error. We call on the FRC's Process Review Panel to investigate how it deals with complaints. (16-Apr-2015)
In a shocking failure to recognise a basic and obvious accounting and auditing error, HK's Financial Reporting Council rejected our complaint. The listed company involved has now admitted the error. We call on the FRC's Process Review Panel to investigate how it deals with complaints. (16-Apr-2015)
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