Hong Kong Accounting & Financial Reporting Council (AFRC) Reprimands & Issues $200,000 (HKD 1.6 Million) Fine on 2 PwC Executives for Breaching Audit Standards in 2010 & 2011 Audit of Hong Kong-Listed Dynasty Fine Wines Group, 2 PwC Executives are Cheng Kwong On & Kong Ling Yin Raymond
3rd November | Hong Kong
The Hong Kong Accounting & Financial Reporting Council (AFRC) has reprimanded & issued $200,000 (HKD 1.6 million) fine on 2 PwC executives for breaching audit standards in 2010 & 2011 audit of Hong Kong-listed Dynasty Fine Wines Group. The 2 PwC executives are Cheng Kwong On & Kong Ling Yin Raymond. Announcement (16/10/25): “The AFRC has imposed sanctions on PricewaterhouseCoopers (PwC), Mr Cheng Kwong On (Cheng) and Mr Kong Ling Yin, Raymond (Kong) for multiple breaches of auditing standards in the audits of a Hong Kong listed company, Dynasty Fine Wines Group Limited, for the years ended 31 December 2010 and 31 December 2011. The engagement team from PwC, led by Cheng as the engagement partner, performed deficient audit work on revenue recognition and failed to obtain sufficient appropriate audit evidence in relation to the company’s recorded revenues, resulting in the incorrect issuance of an unmodified audit opinion. Kong had been appointed as the engagement quality control reviewer for the audits, but failed to identify the lack of sufficient appropriate audit evidence. Given the seriousness of the misconduct, the AFRC has reprimanded each of these regulatees and imposed pecuniary penalties totalling HK$1.6 million. It is noted that the Decision Notices were initially issued to PwC, Cheng and Kong on 20 February 2025. On 13 March 2025, the regulatees applied to the Accounting and Financial Reporting Review Tribunal for a review of the decisions. The review application was subsequently withdrawn with costs to the AFRC, and the Decision Notices became effective. For details, please click here.” In 2025 August, the Hong Kong Accounting & Financial Reporting Council (AFRC) has fined auditor BDO, Engagement Partner (Alfred Lee) & Engagement Quality Control Reviewer (Pak Tak Lun Amos) a total of $58,300 (HKD 455,000) for breaching audit standards in audit of formerly Hong Kong-listed company Vestate Group & subsidiaries.
“ Hong Kong Accounting & Financial Reporting Council (AFRC) Reprimands & Issues $200,000 (HKD 1.6 Million) Fine on 2 PwC Executives for Breaching Audit Standards in 2010 & 2011 Audit of Hong Kong-Listed Dynasty Fine Wines Group, 2 PwC Executives are Cheng Kwong On & Kong Ling Yin Raymond “
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Hong Kong Accounting & Financial Reporting Council (AFRC) Fines Auditor BDO, Engagement Partner (Alfred Lee) & Engagement Quality Control Reviewer (Pak Tak Lun Amos) Total of $58,300 (HKD 455,000) for Breaching Audit Standards in Audit of Formerly Hong Kong-Listed Company Vestate Group & Subsidiaries
29th August – The Hong Kong Accounting & Financial Reporting Council (AFRC) has fined auditor BDO, Engagement Partner (Alfred Lee) & Engagement Quality Control Reviewer (Pak Tak Lun Amos) a total of $58,300 (HKD 455,000) for breaching audit standards in audit of formerly Hong Kong-listed company Vestate Group & subsidiaries. Announcement (21/8/25): “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): 1) BDO Limited (registration number: M0200) (BDO); 2) Mr Alfred Lee (Lee), engagement partner for the 2018 Audit (together with BDO, Auditor); and 3) 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.”
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