PricewaterhouseCoopers (HK)

HKICPA fines Lie Kong Sang and PwC HK$50k
HKICPA, 25-Jul-2019
For their audit of Modern Beauty Salon (0919) in 2006-2009, where pre-paid contract revenue was recognised in breach of accounting standards. The case was referred by the Financial Reporting Council.
Shanghai Huaxin Group (HongKong) Ltd ordered wound up
HK Court of First Instance, 3-Sep-2018
Also known as Huaxin Hong Kong, this is a 100% subsidiary of CEFC Shanghai International Group Ltd (Huaxin Shanghai), which has defaulted on its bonds. Huarong Int Fin (0993) subscribed HK$900m for preferred shares of Huaxin HK in Jun-2017, and received guarantees and put options from Huaxin Shanghai, on which it has also defaulted.
HKICPA issues "disapproval letter" to PwC and Michael Chan Wai Hong
HKICPA, 26-Oct-2017
HKICPA fails to say which listed company's 2013 Very Substantial Disposal circular was involved. If you know, please tell us. Update 30-Oct-2017: a tipster answers: Xiwang Property (2088). We note that PwC resigned as auditor on 26-Sep-2013, purportedly because they could not reach an agreement on the audit fee. It was replaced by Ernst & Young.
HKICPA fines PwC HK$35k for defective audit on listed company
HKICPA, 13-Apr-2016
The company involved is not named, but you can be certain that the audit fee was many times this amount.
Sloppy accounting at China Dongxiang (3818)
Numerous errors have been found in the 2014 results and annual report, one of which is on the consolidated balance sheet for the comparative year and should have been detected by auditors PwC. (16-Oct-2015)
3D-Gold Jewellery v PwC
HK Court of First Instance, 22-May-2014
PwC, former auditor of the collapsed 3D-Gold, seeks to duck a writ on the grounds that it was not served on a partner of the firm but on its General Counsel, who had represented PwC in unsuccessful negotiations with the liquidators. The court exercises its discretion to cure the irregularity, and the writ stands.
Re C.A. Pacific - liquidator fees
HK Court of First Instance, 28-Aug-2012
Your auditor in Mongolia
Mongolia Energy announces a change of auditors, and a HK firm reaches the parts that PricewaterhouseCoopers cannot reach. (30-Nov-2007)
HKICPA v Disciplinary Committee, Price Waterhouse and Ho Chi Keung
HK Court of Appeal, 15-Nov-2005
Nam Tai Electronics, Inc. v PriceWaterhouseCoopers
HK Court of First Instance, 3-Feb-2005
Probe push on Citic vote miscount
HK Standard, 9-May-2003
PwC loses count of CITIC vote
There was one more surprise to come from CITIC Pacific's AGM - "big 4" accountants PwC had miscounted the vote, by an enormous margin, leaving MD Henry Fan with 225m votes fewer than any other director. The error escaped notice until rang the bell. The HK Society of Accountants should investigate, as this further undermines investor confidence in our voting system. (8-May-2003)
Error in AGM poll result
Company announcement, 7-May-2003

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