BDO LIMITED 香港立信德豪會計師事務所有限公司
HK Financial Secretary appoints Inspector to investigate into affairs of Next Digital (0282)
HK Government, 28-Jul-2021
HK Government, 28-Jul-2021
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?
HKICPA fines BDO, Lam Pik Wah and Lesley Yeung Kit Yam HK$25k each
HKICPA, 7-May-2020
For bad work on the 2013 audit of China Energy Development (0228).
HKICPA, 7-May-2020
For bad work on the 2013 audit of China Energy Development (0228).
Combest (8190) auditor BDO resigns, claiming disagreement on fees
Company announcement, 6-Aug-2019
This comes 2 months after the SFC suspended the stock.
Company announcement, 6-Aug-2019
This comes 2 months after the SFC suspended the stock.
HKICPA fines BDO Ltd, Amos Li Wing Yin & Alvin Au Yiu Kwan HK$50k in total
HKICPA, 26-Mar-2019
Mr Au was also fined last June for his work at Baker Tilly on the 2006 audit of Egana, a US$1bn fraudulent company which collapsed following our whistle-blowing article in 2007. This time the fine relates to the audit of impairment of goodwill at Rosan Resources (0578) at 31-Dec-2012. Mr Li has since moved on to be a director of Moore Stephens CPA Ltd.
HKICPA, 26-Mar-2019
Mr Au was also fined last June for his work at Baker Tilly on the 2006 audit of Egana, a US$1bn fraudulent company which collapsed following our whistle-blowing article in 2007. This time the fine relates to the audit of impairment of goodwill at Rosan Resources (0578) at 31-Dec-2012. Mr Li has since moved on to be a director of Moore Stephens CPA Ltd.
Charles Li v SEHK and various listed companies and auditors
HK Court of First Instance, 28-Jun-2016
There is not a single listed company amongst the defendants in which we would invest.
HK Court of First Instance, 28-Jun-2016
There is not a single listed company amongst the defendants in which we would invest.
HKICPA fines BDO Ltd & Mr Choi Man On HK$30k each over Birmingham International (2309) circular
HKICPA, 7-Oct-2014
HKICPA, 7-Oct-2014
Mr Ng Shiu Hong fined HK$30k + costs
| The circular
HKICPA, 1-Sep-2014
This probably relates to the circular by Siberian Mining (1142, then Rontex) dated 31-Dec-2008 regarding the Very Substantial Acquisition for US$253m of Langfield Enterprises Ltd, which owned 70% of a company which owned a Russian coal mining licence. Mr Ng's then firm Shu Lun Pan Horwath was the reporting accountant. The firm merged into BDO Ltd on 1-May-2009, where Mr Ng remains a director. On 16-Jul-2013 he was appointed by the HK Government to the Financial Reporting Review Panel.
HKICPA, 1-Sep-2014
This probably relates to the circular by Siberian Mining (1142, then Rontex) dated 31-Dec-2008 regarding the Very Substantial Acquisition for US$253m of Langfield Enterprises Ltd, which owned 70% of a company which owned a Russian coal mining licence. Mr Ng's then firm Shu Lun Pan Horwath was the reporting accountant. The firm merged into BDO Ltd on 1-May-2009, where Mr Ng remains a director. On 16-Jul-2013 he was appointed by the HK Government to the Financial Reporting Review Panel.
BDO's meaningless study
The GIGO principle is at work in an SCMP article on a BDO "study" today. (5-Aug-2013)
The GIGO principle is at work in an SCMP article on a BDO "study" today. (5-Aug-2013)
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