Showing 73 - 80 of 303 results
AFRC reprimands MnO CPA Limited and its two directors for audit deficiencies and imposes fines of HK$600,000
AFRC reprimands MnO CPA Limited and its two directors for audit deficiencies and imposes fines of HK$600,000 20 November 2025 The Accounting and Financial Reporting Council ( AFRC ) has sanctioned the following corporate practice and two of its directors for negligence and multiple breaches of auditing standards in relation to the audit of the consolidated financial statements of a Hong Kong listed company, New Concepts Holdings Limited and its subsidiaries (collectively, Group ), for the year ended 31 March 2017 ( 2017 Audit ): MnO CPA Limited (formerly known as Wellink CPA Limited) (registration no. M0472) ( MnO ); Ms Chan Yan Ting ( Chan ), the engagement partner for the 2017 Audit (collectively with MnO, the Auditor ); and Mr Ngan Hing Hon ( Ngan ), the engagement quality control reviewer for the 2017 Audit. ... In addition to the deficiencies in the work of the Auditor, the AFRC also found deficiencies in Ngan’s engagement quality control review, in that he failed to adequately evaluate the engagement team’s significant judgments and conclusions.
AFRC reprimands Ting Ho Kwan & Chan and three others for serious audit breaches and imposes fines over HK$1.7 million
AFRC reprimands Ting Ho Kwan & Chan and three others for serious audit breaches and imposes fines over HK$1.7 million 9 September 2024 The Accounting and Financial Reporting Council ( AFRC ) has sanctioned the following PIE audit firm and its then partners for serious deficiencies, involving negligence and multiple breaches of the auditing standards, in relation to the audits of a Hong Kong listed company, REXLot Holdings Limited ( REXLot ) (in liquidation since 20 August 2020), for the years ended 31 December 2013 and 31 December 2014 ( 2013 Audit and 2014 Audit respectively): Ting Ho Kwan & Chan (firm registration no. 0631) ( THKC ); Mr Chan Shu Kin (also known as Albert Chan ), engagement partner for both audits (together with THKC, the Auditor ); Ms Chan Kwan Ying (also known as Amy Chan ), engagement quality control reviewer ( EQCR ) for the 2013 Audit; and Mr Wong Kam Chuen (also known as Tony Wong ), EQCR for the 2014 Audit. ... Ms Hester Leung, Head of Discipline, said “Exercising professional scepticism, due care and diligence are fundamental to the performance of a high-quality audit. The AFRC takes the failure to do so very seriously, as reflected in the significant pecuniary penalties imposed in this case. High-quality audits are a prerequisite to Hong Kong’s reputation as an international financial centre, and the AFRC will not hesitate to hold audit firms and their partners accountable for any misconduct which risks damaging that reputation.”
FRC to Investigate Accounts and Audits of China Evergrande and Evergrande Property Services in respect of Certain Transactions
FRC to Investigate Accounts and Audits of China Evergrande and Evergrande Property Services in respect of Certain Transactions 15 August 2022 Evergrande Property Services Group Limited (Evergrande Property Services) The FRC has initiated: (1) An enquiry into the financial statements of Evergrande Property Services for both the year ended 31 December 2020 ( Evergrande Property Services 2020 Annual Accounts ) and the six months ended 30 June 2021; and (2) An investigation of the audit carried out by PricewaterhouseCoopers ( PwC ) on the Evergrande Property Services 2020 Annual Accounts. ... The financial statements in items (1) and (3) and the audits in items (2) and (4) are collectively referred to as the Accounts and the Audits respectively. ... Why we are enquiring into the Accounts and investigating the Audits Based on public announcements made by China Evergrande and Evergrande Property Services on 22 July 2022 respectively, the FRC identified questions about the classification of restricted bank deposits and other loans, the measurement of pledge guarantees given and the disclosure of related party transactions in the Accounts, and related questions about the Audits.
FRC collaborates with IFEC to promote financial literacy on audit related topics to retail investors
FRC collaborates with IFEC to promote financial literacy on audit related topics to retail investors 8 September 2021 The Financial Reporting Council collaborates with the Investor and Financial Education Council (IFEC) to promote financial literacy to retail investors and members of the public and rolls out today a series of reader-friendly articles on audit related topics. ... Our duties include upholding the quality of financial reporting by Hong Kong listed entities and upholding the quality of the related audits and auditor’s reports so that such reports can fulfil their purpose. ... Whereas the auditor’s opinion is about the financial statements, KAMs are about the audit. They address those matters that the auditor considers to have been of most significance in the audit.
AFRC reprimands BDO Limited and two others for serious audit breaches, imposes fines totalling HK$1.456 million and gives its first direction for additional CPD in disciplinary case
AFRC reprimands BDO Limited and two others for serious audit breaches, imposes fines totalling HK$1.456 million and gives its first direction for additional CPD in disciplinary case 20 December 2024 The Accounting and Financial Reporting Council ( AFRC ) has sanctioned the following PIE auditor and its practising directors for multiple breaches of auditing standards in relation to the audits of China Water Affairs Group Limited ( Company ), a Hong Kong listed company, and its subsidiaries (collectively, Group ) for six consecutive years ended 31 March 2011 to 31 March 2016 ( 2011 to 2016 Audits respectively): BDO Limited (registration number M0200) ( BDO ); Mr Lo Ngai Hang ( Lo ), engagement partner for the 2011 and 2012 Audits; and Mr Lam Hung Yun Andrew ( Lam ), engagement partner for the 2013 to 2016 Audits. ... The AFRC found that during the 2011 to 2016 Audits, the Regulatees failed to perform adequate audit procedures, obtain sufficient appropriate audit evidence, and exercise appropriate professional judgment in evaluating the accounting of the relevant water supply arrangements. ... Failure to identify material misstatements in relation to the accounting treatment may have a significant impact on financial statements and undermine public confidence in audit quality and financial reporting.”
With audit fees at less than 0.03% of market capitalisation, the AFRC warns that fee suppression puts market confidence at risk.
With audit fees at less than 0.03% of market capitalisation, the AFRC warns that fee suppression puts market confidence at risk.
Chairman and CEO's opinion piece: When Audit Fails, Capital Markets Suffer (Chinese version only)
Chairman and CEO's opinion piece: When Audit Fails, Capital Markets Suffer (Chinese version only) 30 April 2026 審計一旦失守 金融體系遭殃 在現今資本市場，信任從來不是單純的情感感受，而是透過完善機制建構而成的成果。
AFRC Hosts Landmark Regional Regulatory Forum 2024 to Restore Public Trust in the Accounting and Audit Profession
AFRC Hosts Landmark Regional Regulatory Forum 2024 to Restore Public Trust in the Accounting and Audit Profession 2 December 2024 The Accounting and Financial Reporting Council ( AFRC ) hosts the Regional Regulatory Forum ( RRF ), the first-ever forum organised by an auditor regulator for both regulators and the regulated markets of the accounting profession. ... Like many of our financial regulators, AFRC has a dual mandate: ensuring high-quality financial reporting, while facilitating and supporting the development of the accounting sector.” ... Highlighting the importance of collaboration between regulators and the regulated market to ensure high-quality audit services, Dr Wong said, “I envision a future where all key players are dedicated to continuous improvement in their respective culture and governance practices.