PricewaterhouseCoopers (HK)
SFC suspends dealings in Tianyun (6836) shares over massive missing corporate funds
SFC, 15-Apr-2024
SFC, 15-Apr-2024
HKICPA fines Benson Cheng Sin Bun, partner of PwC, HK$90k for non-compliance with professional standards
HKICPA, 3-Aug-2022
HKICPA, 3-Aug-2022
Tianyun (6836): PwC quits as auditor at board's request after problems with bank confirmations and possible "unauthorised transactions"
| Elite Partners adviserhips
Company announcement, 16-May-2022
They are replaced by Elite Partners CPA Ltd, whose track record of HKICPA disciplinary sanctions and returns to shareholders of clients after their appointment speaks for itself.
Company announcement, 16-May-2022
They are replaced by Elite Partners CPA Ltd, whose track record of HKICPA disciplinary sanctions and returns to shareholders of clients after their appointment speaks for itself.
FRC investigates going-concern reporting of China Evergrande (3333)
Accounting & Financial Reporting Council, 15-Oct-2021
Comment: we sense a certain amount of grandstanding, Monday-morning quarterbacking and 2020 hindsight. Perhaps the FRC should hire Andrew Left to help them out with their analysis. Whether Evergrande is or was viable as a going concern was always a matter of judgment for the directors as well as investors. What can be gained from investigating that judgment, and how much will it cost in regulatory resources?
Accounting & Financial Reporting Council, 15-Oct-2021
Comment: we sense a certain amount of grandstanding, Monday-morning quarterbacking and 2020 hindsight. Perhaps the FRC should hire Andrew Left to help them out with their analysis. Whether Evergrande is or was viable as a going concern was always a matter of judgment for the directors as well as investors. What can be gained from investigating that judgment, and how much will it cost in regulatory resources?
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.
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.
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, 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.
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)
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.
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.
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)
Mongolia Energy announces a change of auditors, and a HK firm reaches the parts that PricewaterhouseCoopers cannot reach. (30-Nov-2007)
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 Webb-site.com rang the bell. The HK Society of Accountants should investigate, as this further undermines investor confidence in our voting system. (8-May-2003)
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 Webb-site.com rang the bell. The HK Society of Accountants should investigate, as this further undermines investor confidence in our voting system. (8-May-2003)
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