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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.




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