Showing 41 - 48 of 303 results
Completed investigation
Completed investigation 18 January 2019 On 16 January 2019, the FRC adopted the investigation report on the audit of the consolidated financial statements of a listed entity for the year ended 31 March 2012. ... In particular, it was found that the auditor and the engagement partner were in breach of Hong Kong Standard on Auditing ( HKSA ) 500 (Clarified) Audit Evidence and HKSA 540 (Clarified) Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures . It was also found that the engagement quality control reviewer of the relevant audit failed to comply with the relevant provisions of HKSA 220 (Clarified) Quality Control for an Audit of Financial Statements in relation to the quality control review .
Completed investigation
The FRC found that the auditor, the engagement partner and the engagement quality control reviewer for the relevant audit failed or neglected to observe, maintain or otherwise apply certain professional standards in relation to the Group’s investments in associates. The investigation revealed that the auditor and the engagement partner failed to perform the relevant audit, in relation to the Group’s investments in associates, in accordance with the relevant provisions of Hong Kong Standard on Auditing ( HKSA ) 200 (Clarified) Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing , HKSA 500 (Clarified) Audit Evidence , and HKSA 700 (Clarified) Forming an Opinion and Reporting on Financial Statements. It was also found that the engagement quality control reviewer of the relevant audit failed to fully comply with the relevant provisions of HKSA 220 (Clarified) Quality Control for an Audit of Financial Statements .
Completed investigation
The FRC found that the auditor, the engagement partner and the engagement quality control reviewer failed or neglected to observe, maintain or otherwise apply certain professional standards in the relevant audit in relation to (a) an option to issue convertible bonds and (b) impairment assessments of certain production facilities. The investigation revealed that the auditor and the engagement partner failed to properly plan and perform the relevant audit, in relation to the above matters, in accordance with the relevant provisions of Hong Kong Standard on Auditing (HKSA) 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing , HKSA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment , HKSA 330 The Auditor’s Responses to Assessed Risks , HKSA 500 Audit Evidence , HKSA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures , HKSA 620 Using the Work of an Auditor’s Expert and HKSA 700 Forming an Opinion and Reporting on Financial Statements . It was also found that the engagement quality control reviewer of the relevant audit failed to fully comply with the relevant provisions of HKSA 220 Quality Control for an Audit of Financial Statements .
FRC Initiates Investigation into Audits of Convoy for 2017 to 2019
FRC Initiates Investigation into Audits of Convoy for 2017 to 2019 23 February 2021 The FRC today initiated an investigation into the audits of the financial statements of Convoy Global Holdings Limited ( Convoy ) for 2017, 2018 and 2019. ... Having considered the nature and extent of the exceptions described by Zhonghui, the FRC considers that they give reason to inquire into whether each of Zhonghui, the engagement partner and the engagement quality control reviewer has or may have failed to express an appropriate audit opinion on the Convoy financial statements for 2017, 2018 and 2019. ... Maintaining justified public confidence in the quality of listed entity audits requires transparency in relation to our regulatory actions in such circumstances.
Completed investigation
The FRC found that the auditor, the engagement partner and the engagement quality control reviewer failed or neglected to observe, maintain or otherwise apply certain professional standards in the relevant audit in relation to an option to issue convertible bonds to a subscriber (Option) . The investigation revealed that the auditor and the engagement partner failed to perform the relevant audit, in relation to the Option, in accordance with the relevant provisions of HKSA 200 (Clarified) Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing ; HKSA 500 (Clarified) Audit Evidence ; HKSA 540 (Clarified) Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures and HKSA 550 (Clarified) Related Parties . It was also found that the engagement quality control reviewer of the relevant audit failed to comply with the relevant provisions of HKSA 220 (Clarified) Quality Control for an Audit of Financial Statements in relation to the quality control review .
Completed investigation
The FRC found that the auditor, the engagement partner and the engagement quality control reviewer failed or neglected to observe, maintain or otherwise apply certain professional standards in the relevant audit in relation to (a) biological assets and prepaid land lease payments, and (b) intangible assets. The investigation revealed that the auditor and the engagement partner failed to plan and/or perform the relevant audit, in relation to the above matters, in accordance with the relevant provisions of Hong Kong Standard on Auditing ( HKSA ) 200 (Clarified) Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing , HKSA 300 (Clarified) Planning an Audit of Financial Statements , HKSA 330 (Clarified) The Auditor’s Responses to Assessed Risks , HKSA 500 (Clarified) Audit Evidence and HKSA 540 (Clarified) Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures. It was also found that the engagement quality control reviewer of the relevant audit failed to comply with the relevant provisions of HKSA 220 Quality Control for an Audit of Financial Statements in relation to the engagement quality control review.
Completed investigation
The FRC found that the auditor, the engagement partner and the engagement quality control reviewer failed or neglected to observe, maintain or otherwise apply certain professional standards in the relevant audit in relation to (a) impairment assessments on amounts due from subsidiaries; and (b) loss on extinguishment of financial liabilities and accounting of convertible notes. The investigation revealed that the auditor and the engagement partner failed to properly perform the relevant audit, in relation to the above matters, in accordance with the relevant provisions of Hong Kong Standard on Auditing (HKSA) 200 (Clarified) Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing and HKSA 500 (Clarified) Audit Evidence . It was also found that the engagement quality control reviewer of the relevant audit failed to fully comply with the relevant provisions of HKSA 220 (Clarified) Quality Control for an Audit of Financial Statements .
Completed investigation
The FRC found that the auditor, the engagement partner and the engagement quality control reviewer failed or neglected to observe, maintain or otherwise apply certain professional standards in the relevant audit in relation to a convertible note that contained contingent settlement provisions. In particular, the investigation revealed that the auditor and the engagement partner failed to perform the relevant audit, in relation to the convertible note, in accordance with relevant provisions of Hong Kong Standard on Auditing (HKSA) 200 (Clarified) Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Hong Kong Standards on Auditing ; HKSA 500 (Clarified) Audit Evidence ; and HKSA 510 (Clarified) Initial Audit Engagements – Opening Balances . It was also found that the engagement quality control reviewer of the relevant audit failed to fully comply with the relevant provisions of HKSA 220 (Clarified) Quality Control for an Audit of Financial Statements .