Chow, Peter Tak Sing 周德陞
Court disqualifies Lin Supeng, ex-ED of Anxin-China (ex-1149.HK) for 8 years
| Judgment
SFC, 13-Jul-2021
There was massive overstatement of cash balances in the audited accounts for 2011 to 2013, during which the group reported massive profit margins. So why didn't auditors BDO Ltd detect this before finally noticing during the 2014 audit? The audits were signed for BDO in 2011 and 2012 by Peter Chow Tak Sing and in 2013 by Lam Pik Wah. The group provided false bank records to the auditor, but for material amounts, auditors should obtain confirmations directly from banks (see HKSA 505). Did they? Or were the bank staff complicit in this?
SFC, 13-Jul-2021
There was massive overstatement of cash balances in the audited accounts for 2011 to 2013, during which the group reported massive profit margins. So why didn't auditors BDO Ltd detect this before finally noticing during the 2014 audit? The audits were signed for BDO in 2011 and 2012 by Peter Chow Tak Sing and in 2013 by Lam Pik Wah. The group provided false bank records to the auditor, but for material amounts, auditors should obtain confirmations directly from banks (see HKSA 505). Did they? Or were the bank staff complicit in this?
Mr Tong Yat Hung and Cheng & Cheng Ltd fined HK$35k and HK$50k
| Total returns
HKICPA, 23-Oct-2019
Relating to the 2015 audit of Kiu Hung (0381). We note that shares of only 2 of Cheng & Cheng's 16 current HK-listed audit clients have positive total returns since it was appointed, and only 1 has beaten the HSI.
HKICPA, 23-Oct-2019
Relating to the 2015 audit of Kiu Hung (0381). We note that shares of only 2 of Cheng & Cheng's 16 current HK-listed audit clients have positive total returns since it was appointed, and only 1 has beaten the HSI.
HKICPA bans Wong Suet Fan for 1 year
HKICPA, 25-Apr-2019
She failed to respond to a Practice Review and failed to respond to the disciplinary case too. If you've seen her, give them a call.
HKICPA, 25-Apr-2019
She failed to respond to a Practice Review and failed to respond to the disciplinary case too. If you've seen her, give them a call.
Disciplinary action against Louis Tang Wai Hung, Cliff Chow Chi Kit and their firm
HKICPA, 25-Jun-2018
For bad audit work on the 2012 accounts of China Technology Solar Power (8111), formerly Soluteck. Mr Tang is fined HK$100k and banned for 2 years. Mr Chow is fined HK$75k and banned for 18 months. W.H. Tang & Partners CPA Ltd is fined HK$150k.
HKICPA, 25-Jun-2018
For bad audit work on the 2012 accounts of China Technology Solar Power (8111), formerly Soluteck. Mr Tang is fined HK$100k and banned for 2 years. Mr Chow is fined HK$75k and banned for 18 months. W.H. Tang & Partners CPA Ltd is fined HK$150k.
HKICPA bans Chan Bing Chung for 9 months, fines him HK$50k
HKICPA, 29-Feb-2016
This relates to his role as quality control reviewer for the 2007-2009 audits of Sing Lee Software (8076). The company failed to expense its share options. His "major line of argument was it was fair for the Company to treat the valuation of the Share Options as zero" - which it isn't. He still doesn't get IFRS 2. He is also an INED and chairs the audit committee of China Haisheng Juice (0359) which, if it keeps him, should explain why.
HKICPA, 29-Feb-2016
This relates to his role as quality control reviewer for the 2007-2009 audits of Sing Lee Software (8076). The company failed to expense its share options. His "major line of argument was it was fair for the Company to treat the valuation of the Share Options as zero" - which it isn't. He still doesn't get IFRS 2. He is also an INED and chairs the audit committee of China Haisheng Juice (0359) which, if it keeps him, should explain why.
HKICPA fines Michael Choi Man Chau and Chan Kin Wai HK$12k each, Pan-China (HK) CPA Ltd HK$50k
HKICPA, 14-Jan-2016
Comment: the fines do not serve as a deterrent given that the firm earned $1.09m in fees from the listed company, China Daye Non-Ferrous (0661) in that year. Mr Choi is also an INED of Oriental Watch (0398).
HKICPA, 14-Jan-2016
Comment: the fines do not serve as a deterrent given that the firm earned $1.09m in fees from the listed company, China Daye Non-Ferrous (0661) in that year. Mr Choi is also an INED of Oriental Watch (0398).
Taurus Lo Shung Chi, Ngai Wai Chung and Jonten Hopkins CPA Ltd sanctioned
| Track record
HKICPA, 3-Dec-2015
This relates to the Sep-2010 audit of Ming Fung Jewellery Group Ltd, now known as O Luxe Holdings Ltd (0860). According to Webb-site Who's Who, the firm has audited 11 listed companies with an average annual total return of -16.18%, or -28.59% relative to the market during the periods of appointment.
HKICPA, 3-Dec-2015
This relates to the Sep-2010 audit of Ming Fung Jewellery Group Ltd, now known as O Luxe Holdings Ltd (0860). According to Webb-site Who's Who, the firm has audited 11 listed companies with an average annual total return of -16.18%, or -28.59% relative to the market during the periods of appointment.
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