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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. ... They fully accepted the above disciplinary sanctions and direction for additional CPD. ... In deciding the appropriate disciplinary sanctions, the AFRC has considered all the relevant circumstances, including: the nature, seriousness, duration, frequency and impact of the misconduct.
AFRC suspends Tang Yue Nam for 18 months and imposes a fine of HK$200,000 for blatant disregard of two statutory requirements issued by the AFRC
AFRC suspends Tang Yue Nam for 18 months and imposes a fine of HK$200,000 for blatant disregard of two statutory requirements issued by the AFRC 20 January 2026 The Accounting and Financial Reporting Council ( AFRC ) has sanctioned a CPA, Mr Tang Yue Nam 1 ( Tang ), for his blatant refusal to comply with two separate statutory requirements issued by the AFRC, requiring the provision of information and documents for the purposes of inspection and investigation respectively. ... In deciding the appropriate disciplinary sanctions, the AFRC has considered all the relevant circumstances, including the nature, seriousness, duration, frequency and impact of the misconduct.
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Make assessment and exercise independent judgement as to whether there is sufficient evidence to take disciplinary actions, and recommend the proposed sanctions to the AFRC as appropriate.
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
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 August 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 ), 1 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. ... In deciding the appropriate disciplinary sanctions, the AFRC has considered all the relevant circumstances, including the nature, seriousness, duration, frequency and impact of the misconduct, as well as BDO’s prior disciplinary records and the Regulatees’ cooperation in this case.
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. ... THKC, Albert Chan, Amy Chan and Tony Wong therefore failed to observe, maintain or otherwise apply the Hong Kong Standards on Auditing, and were also negligent in the conduct of their profession. 2 Sanctions The AFRC has reprimanded THKC, Albert Chan, Amy Chan and Tony Wong, and imposed pecuniary penalties of HK$914,000, HK$495,000, HK$130,000 and HK$216,000 respectively. 3 In considering the aggravating and mitigating factors applicable to this case, the AFRC noted that: THKC’s misconduct was significantly aggravated by its failure to comply with the then FRC’s statutory requirement for the production of audit work papers. ... The AFRC has reduced their sanctions accordingly. That being said, if they had admitted the misconduct earlier, the AFRC would have reduced the sanctions even further.
AFRC reprimands BOFA CPA Limited for improperly backdating audit working papers and imposes a pecuniary penalty
AFRC reprimands BOFA CPA Limited for improperly backdating audit working papers and imposes a pecuniary penalty 16 December 2025 The Accounting and Financial Reporting Council ( AFRC ) has sanctioned BOFA CPA Limited ( BOFA ) 1 for improperly backdating audit working papers in two audit engagements, amounting to CPA misconduct and FR misconduct. ... In determining the appropriate disciplinary sanctions, the AFRC considered all the relevant circumstances, including the nature, seriousness, duration, frequency and impact of the misconduct.
AFRC reprimands and fines Rongcheng (Hong Kong) CPA Limited, Lee Wai Chi and Chan Kin Wai over HK$1.18 million for contraventions of registration and notification requirements under the AFRCO
AFRC reprimands and fines Rongcheng (Hong Kong) CPA Limited, Lee Wai Chi and Chan Kin Wai over HK$1.18 million for contraventions of registration and notification requirements under the AFRCO 6 January 2026 The Accounting and Financial Reporting Council ( AFRC ) has sanctioned the public interest entity ( PIE ) auditor Rongcheng (Hong Kong) CPA Limited 1 ( RCHK ), Mr Lee Wai Chi 2 ( Lee ) and Mr Chan Kin Wai 3 ( Chan ) for their respective contraventions of the relevant registration and notification requirements under the Accounting and Financial Reporting Council Ordinance (Cap. 588) ( AFRCO ). ... In deciding the appropriate disciplinary sanctions, the AFRC has considered all the relevant circumstances, including the nature, seriousness, duration, frequency and impact of the misconduct.