HONG KONG INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS 香港會計師公會

X & Y v HKICPA
HK Court of Appeal, 2-Jun-2017
The court stays the publication of decisions of a Disciplinary Committee pending the outcome of X & Y's appeal. This is despite the disciplinary hearings having been public. The court rules that the "reprimand" part of the sanction "is effectively enforced by publication" (rather than entry in the register) and that this should not happen until appeals are exhausted. In our view, the interests of open justice should outweigh this. In criminal cases, verdicts and sentences are handed down in public despite the right of appeal of defendants. What makes accountants so special? Besides, a fine is always accompanied by a reprimand, so the reprimand adds nothing. The fine won't be enforced until appeals are exhausted. In the interests of open justice, we hope that the HKICPA will appeal this ruling to the CFA.
HKICPA v Stephen Wong Tak Man & RSM Nelson Wheeler
HK Court of Final Appeal, 27-Apr-2017
Leave to appeal is granted. The appeal will be heard on 4-Dec-2017.
HKICPA settles proceedings against its councillor Ronald Kung Yiu Fai
HKICPA, 16-Jan-2017
HKICPA v Stephen Wong Tak Man & RSM Nelson Wheeler
HK Court of Appeal, 24-Oct-2016
Leave to appeal to the CFA is refused.
HKICPA v Stephen Wong Tak Man & RSM Nelson Wheeler
HK Court of Appeal, 30-Aug-2016
This appeal reveals that the HKICPA disciplinary committee fined Stephen Wong Tak Man and RSM Nelson Wheeler HK$10k each but, amazingly, "directed that no publicity of the aforesaid sanction should be made". The court rejects their appeal. The HKICPA appealed the secrecy order, but the court held that it had no jurisdiction to hear appeals by the HKICPA, only by accountants and their firms. Anyway, now you know. The disciplinary panel is chaired by Anne Rosamunde Carver, with members Wong Yuen Chi, Terry Pan San Kong, Law Pui Cheung and Tsang Tin For.
Leslie Cheng, Burkes and Turks
It appears that the FRC and HKICPA, in its recent action against Leslie Cheng & Co, missed the elephant in the accounts of Luxey (8041). 6 listed companies are keeping him on board, 3 as chairman of their audit committees. And then there's his doctorate... (16-Jan-2016)
Alex So Yin Wai fined HK$20k by HKICPA
HKICPA, 8-Sep-2015
For turning a blind eye to a HK$3.7m bounced check deposited on the year-end date of Crowning Engineering Ltd, an "Approved Contractor" under the HK Public Works Department. This helped dress up its working capital when applying for renewal. Mr So is an INED of Green Energy Group (0979). So far (16-Sep), that company has failed to announce the sanction as required by Listing Rule 13.51(2)(h), or why he should continue to chair its audit committee. His fee there last year was HK$120k, or 6 times the pathetic penalty meted out by the HKICPA.
Cheng & Cheng's EPS snafu
The HKICPA sanctions the audit firm and its director, but fails to disclose the listed company involved. We'll tell you who it was. (1-Sep-2015)
Ms Mak Wai Man fined HK$25k+costs by HKICPA for exaggerating CV
HKICPA, 31-Aug-2015
Unusually, the complaint came not from the HKICPA but from a member, Gilbert Cho Kui Keung. The media release states that the complaint was made under s34(1AAA). That's an indirect way of saying that after the Council decided not to refer the complaint to the Disciplinary Panels, he forced them to do so using this section. Well done Mr Cho and shame on the HKICPA - once again demonstrating why self-regulation doesn't work.
HKICPA fines Shinewing (HK) CPA Ltd and Barry Ip Yu Chak HK$35k
HKICPA, 9-Feb-2015
This relates to the 2008 audit of China Water Industry (1129) and is another joke from the HKICPA - the fine of HK$35k is about 1.4% of the HK$2.58m (including an audit fee of $930k) that the company paid Shinewing in 2008.
HKICPA fines Louis Tang Wai Hung, Chow Chi Kit & W.H. Tang & Partners CPA Ltd
HKICPA, 30-Dec-2014
This concerns Celebrate (8212), an acquisition circular and its annual audit for 30-Jun-2010. This is the 2nd sanction in a year against Mr Tang and his firm. The panel calls them "serious breaches" and fines them HK$50k each. Seriously? Another reason why the HKICPA should stop self-regulating. Celebrate paid the firm audit fees of HK$2.7m that year, so the fine is trivial. A ban on practising for a prolonged period would be more meaningful.
Danvil Chan Kin Hang v HKICPA
HK Court of Appeal, 22-Sep-2014
Lie Han Ji v HKICPA
HK Court of Appeal, 29-Apr-2014
Danvil Chan Kin Hang v HKICPA
HK Court of Appeal, 4-Apr-2014
Lie Han Ji v HKICPA: costs
HK Court of Appeal, 30-Jan-2014
HKICPA reprimands Wallen Wu for quoting a fee on his web site
HKICPA, 2-Dec-2013
Who knew that the HKICPA has a rule prohibiting the advertising of fees? Surely that is an anti-competitive rule. This accountant is now in trouble for breaking it, for quoting a fee on his home page for incorporating a company, something that other service providers do all the time. Bizarrely, HKICPA draws a distinction between a homepage and other pages of a web site, claiming that the home page is "analagous to a newspaper advertisement" while other pages are not. All web pages require active requests, of course.
Lie Han Ji v HKICPA: costs
HK Court of Appeal, 7-Oct-2013
HLB Hodgson Impey Cheng & others v HKICPA
HK Court of Final Appeal, 26-Jul-2013
Parker Randall's HK track record
We reveal the censored names in yesterday's HKICPA announcement, and look at the awful losses experienced by investors in the HK-listed audit clients of Parker Randall CF (H.K.) CPA Ltd. (27-Oct-2012)
Lie Han Ji v HKICPA: costs
HK Court of Appeal, 24-Apr-2012
Lie Han Ji v HKICPA
HK Court of Appeal, 9-Mar-2012
HLB Hodgson Impey Cheng & others v HKICPA
HK Court of Appeal, 17-Nov-2011
HLB Hodgson Impey Cheng & others v HKICPA
HK Court of Appeal, 1-Aug-2011
Edward Yeung Kwong Tat v HKICPA
HK Court of First Instance, 11-Jul-2011
HKICPA bans Henry Chui Che Hung for 7 years and fines him HK$50kReasons
HKICPA, 31-Mar-2011
Comment: it is debatable what relevance sexual offences, however disgusting, have to one's skills as an accountant. Is it really the role of self-regulatory organisations to act as a second court, or would their time be better spent disciplining their members for bad professional work? Is it realistic for professional bodies to claim that their reputation is damaged by the behaviour of their members, thereby implying that members of such bodies are less likely than the general public to commit such offences?
Ng Kay Lam v HKICPA
HK Court of Appeal, 30-Nov-2010
HLB Hodgson Impey Cheng & others v HKICPA
HK Court of First Instance, 10-Aug-2010
Johnny Chan Kin Hang suspended by HKICPA for 15 months
HK Gazette, 14-May-2010
In relation to the audit of an unnamed listed company. Anyone know which one?
Presentation by David Webb at a conference on Shareholder Rights
 (22-Mar-2010)
HKICPA settles regulatory proceedings against Arthur Andersen & Co. for HK$4m
HKICPA, 27-Feb-2009
HKICPA settles regulatory proceedings involving Deloitte Touche Tohmatsu, BDO Binder and partners
HKICPA, 19-Jan-2009
HKICPA v Disciplinary Committee, Price Waterhouse and Ho Chi Keung
HK Court of Appeal, 15-Nov-2005
Raymund Chao Pak Ki and Arthur Anderson & Co v HKSA
HK Court of Appeal, 26-Oct-2005
Raymund Chao Pak Ki and Arthur Anderson & Co v HKSA
HK Court of First Instance, 6-Feb-2004
BDO Binder, Kwan Wong Tan & Fong, Deloitte Touche Tohmatsu v HKSA
HK Court of Appeal, 19-Jun-2001
BDO Binder, Kwan Wong Tan & Fong, Deloitte Touche Tohmatsu v HKSA
HK Court of First Instance, 1-Sep-2000
Deloitte Touche Tohmatsu v Hong Kong Society of Accountants
HK Court of First Instance, 31-May-2000
Ernst & Young v HKSA
HK Court of First Instance, 16-Mar-2000

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