MALCOLM AND ASSOCIATES APPRAISAL LIMITED
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, 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.
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