Auditors

Re: Auditors

Postby winston » Wed Feb 29, 2012 6:41 am

'Big Four' Auditors Brace for Big Changes in China

The Big Four global audit firms, which dominate the Chinese market, are negotiating with Beijing to lessen the impact of forced changes that could mean only accountants with Chinese qualifications can be partners in their audit practices.

http://www.cnbc.com/id/46552007
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Re: Auditors

Postby winston » Tue Aug 28, 2012 8:05 am

HK regulator launches legal proceedings against Ernst & Young

HONG KONG Aug 27 (Reuters) - Hong Kong's securities regulator said on Monday, it had launched legal proceedings against Ernst & Young, for failing to produce accounting records related to a Chinese company as specified, the latest auditor to run into trouble over a Chinese client.

Ernst & Young claimed it did not have the relevant records on Standard Water Ltd, which were held in China by its joint venture partner, Ernst & Young Hua Ming, the SFC said in a statement, adding the auditor then said the documents could not be produced due to restrictions under Chinese law.

"Given Ernst & Young was the reporting accountant and EY Hua Ming was Ernst & Young's agent, the failure to produce these records to the relevant mainland authority on the SFC's request is a matter of serious concern," it said.

Ernst & Young did not immediately respond to a call seeking comment.

Standard Water applied for a listing in Hong Kong on Nov. 9, according to the statement.

Ernst & Young resigned as auditor in March 2010 upon discovery of "inconsistencies in documentation" provided by the company and Standard Water withdrew its listing application shortly after, the statement said.

The news follows a series of scandals at mainland Chinese companies which have come under closer scrutiny after scores of accounting or regulatory problems.

One high-profile case was that of Chinese software company Longtop Financial Technologies Ltd, for which Deloitte Touche Tohmatsu quit as auditor.

The U.S. Securities and Exchange Commission last September asked a federal court to force Deloitte to produce records related to possible accounting fraud at Longtop, but Deloitte has resisted, citing Chinese secrecy laws.

In May, Hong Kong's market watchdog said bankers preparing companies for listing on the city's stock exchange should be fined or sent to jail if they are found to have misled investors.

http://in.reuters.com/article/2012/08/2 ... XJ20120827
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Re: Auditors

Postby winston » Fri Sep 28, 2012 5:44 am

That means the Big 4 is responsible for 30% of the problems ?

Most audit problems found at smaller firms

Seventy per cent of complaints about faulty audits of Hong Kong companies this year, were carried out by non-Big Four accounting firms, according to the Financial Reporting Council.

Source: SCMP
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Re: Auditors

Postby winston » Tue Oct 30, 2012 3:56 am

Parker Randall's HK track record

The HKICPA announced yesterday that on 8-Oct-2012 (yes, it took them 18 days to announce it), a Disciplinary Committee of HKICPA ordered that the practising certificate of Peter Lau Po Ming (Mr Lau) be cancelled on 17-Nov-2012 and he be banned from practising in 2013 and 2014.

http://webb-site.com/articles/parkerrandall.asp

http://webb-site.com/dbpub/adviserships.asp?p=40711
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Re: Auditors

Postby winston » Thu Nov 08, 2012 1:16 pm

Parker Randall's HK track record

http://webb-site.com/articles/parkerrandall.asp
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Re: Auditors

Postby winston » Tue Dec 04, 2012 6:51 am

SEC charges China affiliates of top accounting firms

WASHINGTON/NEW YORK (Reuters) - Regulators on Monday charged the Chinese arms of five top accounting firms with securities violations over their refusal to produce certain audit papers, raising questions about whether talks between the United States and China to resolve the issue have stalled.

The Securities and Exchange Commission began proceedings against the Chinese affiliates of Deloitte, KPMG, PricewaterhouseCoopers, BDO and Ernst & Young.

http://www.reuters.com/article/2012/12/ ... Name=usdai
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Re: Auditors

Postby winston » Tue Dec 04, 2012 6:18 pm

Ernst & Young to Pay $117.6 Million to Settle Sino-Forest By Christopher Donville

Ernst & Young LLP has agreed to pay C$117 million ($117.6 million) to settle claims in a Canadian class action suit against Sino-Forest Corp., according to the law firms behind the action.

The class action alleges that Sino-Forest, certain of its directors and officers, auditors and underwriters misled investors concerning the business and accounting at the now insolvent Chinese timber trader, law firms Siskinds LLP and Koskie Minsky LLP said in an e-mailed statement today.

The settlement is the largest by an auditor in Canadian history, the law firms said in the statement.

http://www.bloomberg.com/news/2012-12-0 ... claim.html
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Re: Auditors

Postby winston » Thu Dec 18, 2014 6:58 am

SEC Imposes Sanctions Against Hong Kong-Based Firm and Two Accountants for Audit Failures

http://www.sec.gov/news/pressrelease/20 ... JIKTNKUd1Y
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Re: Auditors

Postby winston » Mon Aug 24, 2015 8:14 am

Auditors’ fears increase over Hong Kong companies

by Jennifer Hughes

Source: FT.com

http://www.ft.com/intl/cms/s/0/08e82e62 ... z3jgdxuben
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Re: Auditors

Postby winston » Mon Jan 28, 2019 7:45 am

US$369.6 million in defaults at apparently cash-rich firms expose flaws in mainland Chinese auditing practices

Auditors are held accountable only in rare conditions, which makes the cost for committing a crime ‘small’, says analyst

Accounting firms colluding with clients to fake financial data is not a new problem

Source: SCMP

https://www.scmp.com/business/banking-f ... rms-expose
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