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AFRC reprimands BDO Limited and two others for breaches of multiple auditing standards, imposes fines totalling HK$455,000 and gives directions for additional CPD
21 Aug, 2025
The Accounting and Financial Reporting Council (AFRC) has sanctioned the following PIE auditor and two individuals for multiple breaches of auditing standards in relation to the audit of a former Hong Kong listed company, Vestate Group Holdings Limited (in Liquidation) (Company), and its subsidiaries (collectively, Group) for the year ended 31 March 2018 (2018 Audit):
- BDO Limited (registration number: M0200) (BDO);
- Mr Alfred Lee (Lee), engagement partner for the 2018 Audit (together with BDO, Auditor); and
- Mr Pak Tak Lun Amos (Pak), engagement quality control reviewer for the 2018 Audit.
The AFRC has (a) issued a public reprimand to each of BDO, Lee and Pak (collectively, Regulatees), (b) imposed pecuniary penalties totalling HK$455,000, comprising penalties of HK$245,000 for BDO, HK$154,000 for Lee and HK$56,000 for Pak and (c) directed each of Lee and Pak to undertake additional Continuing Professional Development (CPD) hours.
For details, please click here.
