Centurion ZD CPA Limited 中正達會計師事務所有限公司
Centurion ZD CPA Ltd, Chan Kam Fuk & Ling Chun Kwok fined total HK$700k
Accounting & Financial Reporting Council, 29-Aug-2023
Relating to goodwill accounting for an acquisition in the 2016 audit of China Infrastructure Investment (0600). In our view, goodwill assessment should be left to the market, not directors and auditors, as it seeks to value the future. Every day, markets reach their own view on the future. Goodwill accounting, written into standards by the profession, is a gravy train for auditors and valuers. An identical business, built organically and not through acquisition, would have zero goodwill in its balance sheet.
Accounting & Financial Reporting Council, 29-Aug-2023
Relating to goodwill accounting for an acquisition in the 2016 audit of China Infrastructure Investment (0600). In our view, goodwill assessment should be left to the market, not directors and auditors, as it seeks to value the future. Every day, markets reach their own view on the future. Goodwill accounting, written into standards by the profession, is a gravy train for auditors and valuers. An identical business, built organically and not through acquisition, would have zero goodwill in its balance sheet.
HKICPA fines Dominic Chan Kam Fuk and his firm HK$30k
HKICPA, 23-Aug-2016
The listed company involved is not named. Mr Chan's firm merged into DCAW (CPA) Ltd from 1-May-2016.
HKICPA, 23-Aug-2016
The listed company involved is not named. Mr Chan's firm merged into DCAW (CPA) Ltd from 1-May-2016.
US PCAOB sanctions AWC (CPA) Ltd, its New York affliate and 4 individuals
US Public Company Accounting Oversight Board, 19-May-2016
The shocking allegations, which are not denied in this settlement, involve the 2010-2012 audits of Kandi Technologies (Nasdaq: KNDI). Incidentally, AWC (CPA) Ltd changed its name last month to DCAW (CPA) Ltd after combining with Dominic K F Chan & Co. The settlement brings into question the continued role of Albert Wong Chi Wai, the engagement partner on the audits, as an INED of 5 HK-listed companies.
US Public Company Accounting Oversight Board, 19-May-2016
The shocking allegations, which are not denied in this settlement, involve the 2010-2012 audits of Kandi Technologies (Nasdaq: KNDI). Incidentally, AWC (CPA) Ltd changed its name last month to DCAW (CPA) Ltd after combining with Dominic K F Chan & Co. The settlement brings into question the continued role of Albert Wong Chi Wai, the engagement partner on the audits, as an INED of 5 HK-listed companies.
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