Tsai, Philip Wing Chung 蔡永忠
HKICPA fines KPMG, June Yu Yuk Ping & Yu Wai Sum HK$1m total, plus HK$5m costs
HKICPA, 23-Sep-2021
For bad audits of China Forestry (ex-0930) for 2006-2009. They win our "Can't See the Forest for the Trees" award. The Financial Reporting Council didn't start investigating until 2012, and its Audit Investigation Board reported back in 2016. The HKICPA then launched this case in 2017. Meanwhile China Forestry last traded with a market cap of HK$9.03bn in 2011 and went into liquidation in 2015.
HKICPA, 23-Sep-2021
For bad audits of China Forestry (ex-0930) for 2006-2009. They win our "Can't See the Forest for the Trees" award. The Financial Reporting Council didn't start investigating until 2012, and its Audit Investigation Board reported back in 2016. The HKICPA then launched this case in 2017. Meanwhile China Forestry last traded with a market cap of HK$9.03bn in 2011 and went into liquidation in 2015.
HKICPA fines Zenith CPA Ltd, Cheng Po Yuen & Keung Yee Man
| Re Leung Sze Chit
HKICPA, 2-Feb-2021
For bad work on the 2011 audit of China Health (0673). At para 45, the decision wrongly states (on HKICPA advice) that in a previous case (Leung Sze Chit, 2013) the respondent "was not reprimanded", and decides not to reprimand Ms Keung, who submitted that she was too inexperienced when she was appointed as the Engagement Quality Control Reviewer. In fact, Mr Leung was reprimanded. The committee also decries the delay in commencing proceedings (the case was referred by the AIB/FRC) and calls on the HKICPA to consider a minimum post-qualification experience requirement for ECQRs.
HKICPA, 2-Feb-2021
For bad work on the 2011 audit of China Health (0673). At para 45, the decision wrongly states (on HKICPA advice) that in a previous case (Leung Sze Chit, 2013) the respondent "was not reprimanded", and decides not to reprimand Ms Keung, who submitted that she was too inexperienced when she was appointed as the Engagement Quality Control Reviewer. In fact, Mr Leung was reprimanded. The committee also decries the delay in commencing proceedings (the case was referred by the AIB/FRC) and calls on the HKICPA to consider a minimum post-qualification experience requirement for ECQRs.
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