Anxin-China Holdings Limited 中國安芯控股有限公司
Court disqualifies Lin Supeng, ex-ED of Anxin-China (ex-1149.HK) for 8 years
| Judgment
SFC, 13-Jul-2021
There was massive overstatement of cash balances in the audited accounts for 2011 to 2013, during which the group reported massive profit margins. So why didn't auditors BDO Ltd detect this before finally noticing during the 2014 audit? The audits were signed for BDO in 2011 and 2012 by Peter Chow Tak Sing and in 2013 by Lam Pik Wah. The group provided false bank records to the auditor, but for material amounts, auditors should obtain confirmations directly from banks (see HKSA 505). Did they? Or were the bank staff complicit in this?
SFC, 13-Jul-2021
There was massive overstatement of cash balances in the audited accounts for 2011 to 2013, during which the group reported massive profit margins. So why didn't auditors BDO Ltd detect this before finally noticing during the 2014 audit? The audits were signed for BDO in 2011 and 2012 by Peter Chow Tak Sing and in 2013 by Lam Pik Wah. The group provided false bank records to the auditor, but for material amounts, auditors should obtain confirmations directly from banks (see HKSA 505). Did they? Or were the bank staff complicit in this?
Anxin-China (1149): Financial Controller and forensic accountancy quit, citing concerns over senior management integrity
Company announcement, 25-Sep-2015
Surely a forensic accountant is supposed to put its concerns in a report rather than quit half-way through. If it doesn't believe the information it receives or has concerns about management integrity then that should be in the report.
Company announcement, 25-Sep-2015
Surely a forensic accountant is supposed to put its concerns in a report rather than quit half-way through. If it doesn't believe the information it receives or has concerns about management integrity then that should be in the report.
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