PAN-CHINA (H.K.) CPA LIMITED 天健(香港)會計師事務所有限公司

HKICPA fines Pan-China (H.K.) CPA Ltd HK$250k; Eugene Fung Pui Cheung & Gary Wong Ho Yuen $50k each
HKICPA, 25-Jan-2019
This relates to the 2010 audit of GT Group (0263) and the valuations of mining rights and goodwill. Citing 2 other cases for which the firm was fined in 2016 and 2017, the Committee increases the fine, but we note that the audit and non-audit fees on this account for 2010 were HK$1.56m, so this is hardly a deterrent. The HKICPA is constrained by a maximum fine of $0.5m but didn't even use that.
HKICPA fines Mr Lee Ping Kai HK$30k
HKICPA, 9-Oct-2017
Filling the blanks: Mr Lee is/was a director of Pan-China (H.K.) CPA Ltd, which did the audit of GT Group (0263) for 2014 and the interim review for 2015. HKICPA fails to name either of these. Webb-site filed a complaint against the auditor with the Financial Reporting Council in Dec-2015.
HKICPA fine Pan-China (H.K.) CPA Ltd HK$80k, Tsang Chiu Keung $50k and Chan Kin Wai $60k
HKICPA, 21-Jun-2017
This relates to the audits of Polyard Petroleum (8011) for 2010 and 2011.
HKICPA fines Michael Choi Man Chau and Chan Kin Wai HK$12k each, Pan-China (HK) CPA Ltd HK$50k
HKICPA, 14-Jan-2016
Comment: the fines do not serve as a deterrent given that the firm earned $1.09m in fees from the listed company, China Daye Non-Ferrous (0661) in that year. Mr Choi is also an INED of Oriental Watch (0398).
GT (0263) corrects 2014 EPS again
Company announcement, 22-Dec-2015
This follows a complaint to SEHK by Webb-site on 6-Dec-2015, that the purported correction announced in August was incorrect. The auditor, which also got the initial correction wrong, is Pan-China (H.K.) CPA Ltd. Webb-site has filed a complaint against them with the Financial Reporting Council.
GT (0263) "clarifies" 2014 EPS
Company announcement, 10-Aug-2015
Comment: in our view, the number of shares is still wrong, therefor so is the EPS. The 5:1 consolidation carries a factor of 0.2, and the rights issue of 9:1 at $0.6 carries a factor of $1.02/$0.642 based on the closing price on 10-Feb-2015, so the adjusted shares should be 123.741m. The auditor is Pan-China (H.K.) CPA Ltd.
Patrick Ng Wing Hang, MD of Pan-China (H.K.) CPA, fined HK$70k for failings in 2006 and 2007 audits of Luxey (8041)
HKICPA, 29-Sep-2014
His firm Patrick Ng & Co was reorganised into a company now named Pan-China (H.K.) CPA Ltd in 2008. He is an INED and audit committee chairman of Far East Hotels and Entertainment (0037) and Shenyin Wanguo (H.K.) (0218). The case was investigated by the Financial Reporting Council and referred to the HKICPA on 18-Sep-2012 but was not referred to a disciplinary panel until 22-Oct-2013. Why should the HKICPA hang on to its disciplinary role?

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