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HKICPA fines Edmund Siu, Yip Kai Yin & Elite Partners CPA Ltd HK$50k each, plus costs of HK$290k
HKICPA, 20-May-2021
For bad work on the 2014 audit of China National Culture (0745) relating to goodwill impairment testing on the 2012 acquisition of Huge Leader Development Ltd, which we wrote about in our "Raking Muck" series of articles in 2012. In the 2014 accounts, the management's cashflow projections were valued by International Valuation Ltd. Elite has now been fined 6 times since 2015, Mr Yip 4 times since 2013 and Mr Siu 3 times since 2017.
Organisations
- China National Culture Group Limited 中國國家文化產業集團有限公司
- ELITE PARTNERS CPA LIMITED 開元信德會計師事務所有限公司
- Huge Leader Development Limited
- International Valuation Limited 國際評估有限公司
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