This could be met by a number of different responses: Yes, once you have resigned, your employer could decide to either put you on garden leave or insist that you leave straight away by “paying you in lieu of notice” if your written contract provides for any of these options. Qualified as Solicitor in Hong Kong (1986) Other Qualifications. The 1st respondent was the engagement director. The company breached Hong Kong Accounting Standard (HKAS) 39 by failing to recognise an impairment loss on its available-for-sale listed investment, which had resulted from a significant drop in the investment’s quoted market price. Yes. - HK$50,000 Pro-Beijing lawmaker and lawyer Junius Ho is facing a hearing by the Solicitors Disciplinary Tribunal in London, over remarks he made in 2017 about killing Hong Kong … In September, a […], The head of Clifford Chance’s tax and employment practice is to retire from the partnership, explaining that the “upheaval of the pandemic has led me to reassess my priorities”. The 4th respondent was the concurring review partner in the audits for the three years. It also identified new significant audit deficiencies. He was also in breach of section 110.2 of the Code of Ethics for Professional Accountants and guilty of dishonourable conduct. what is normal for a person of that seniority and in the industry). The 2nd Respondent audited the financial statements of a private company for the period / years ended from 31 March from 2005 to 2012. Found inside – Page 20Disciplinary Procedures Applicable to Foreign Lawyers Established in England Foreign lawyers established in England ... of solicitors have established offices abroad , notably in Paris , Brussels , Hong Kong , New York , and Singapore . The respondent is the sole proprietor of a practice. (ENG) All rights reserved. There were deficiencies in the audits of the financial statements of five private companies carried out by Tse's firm. Deficiencies were found in the audit procedures performed in verifying revenue and costs, accepting bank confirmations, and following up on a, lack of response to confirmation requests sent to the companies’ customers and suppliers, No practising certificate shall be issued for 12 months, ailure or neglect to observe, maintain or otherwise apply, (i) the fundamental principle of integrity in sections 100.5(a), 110.1 and 110.2 of the Code of Ethics for Professional Accountants (Code of Ethics); (ii) the fundamental principle of, professional competence and due care in sections 100.5(c) and 130.1 of the Code of Ethics; and (iii). The practice was selected by the Institute for practice review in 2016. Costs: He started as a solicitor with Deacons and became partner of his own firm of Cheung, Tong & Rosa for 38 years (1983 to 2021) before joining Raymond Siu and Lawyers as consultant in August 2021. Order and Reasons for Decision. Failure or neglect to observe, maintain or otherwise apply (i) Hong Kong Standard on Auditing ("HKSA") 230 "Audit Documentation"; and (ii) HKSA 500 "Audit Evidence". Significant deficiencies were also found in procedures conducted on revenue recognition, external confirmations and forming the auditor’s opinion in the practice’s audit of a private company. Found inside – Page 337The tribunal , having heard legal evidence of the alleged misconduct , the court the complaint , found the charge ... of order of Hong Kong territory ( 1 ) The Solicitors Disciplinary Tribunal was entitled , striking solicitor off by ... This field is for validation purposes and should be left unchanged. Failure or neglect by the 1st and 2nd respondents to observe, maintain or otherwise apply sections 100.5(c) and 130.1 of the Code of Ethics for Professional Accountants. Further, the respondent failed to appoint an engagement quality control reviewer for the audit. Read peer-to-peer stories, case studies and advice from and for in-house counsel. In addition, the breaches show that the practice failed to have an adequate system of quality control to ensure that it had appropriate human resources to uphold audit quality and that it performed audit engagements in accordance with professional standards. The respondent claimed that relevant audit procedures were carried out on those items but he failed to provide any working papers, claiming that they were withheld by a third party.  Extract of Reasons and Order. -   What does this trend mean for your career? The Institute completed a practice review on a corporate practice that is now de-registered. HK$100,000 In-depth strategic insight and benchmarking of your markets, clients and competitors. HK$164,448 .The latest panel, which was launched in August 2020, sees seven additional firms appointed following the LUPC’s last review in 2017. No practising certificate shall be issued to the respondent for 12 months from 21 March 2023. Lau Shiu Wai, Franklin Failure or neglect to observe, maintain or otherwise apply (i) HKSQC 1 "Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements"; (ii) HKSA 500 "Audit Evidence"; and (iii) HKSAE 3000 "Assurance Engagements Other Than Audits or Reviews of Historical Financial Information". Whilst most employers are unlikely to be willing to go to these lengths, this is a useful tactic for them to take, especially in relation to senior employees who have the potential to cause significant disruption. Found inside – Page 344A. somewhat specialised firm is the China Patent Agent [Hong Kong} Ltd, incorporated in 1933. ... It plays a itey role in disciplinary proceedings; the Solicitors Disciplinary Tribunal is appointed by the Chicfjusticc, consisting of ... The respondent’s practice was subject to a follow-up practice review. communicate them to management or request management to take appropriate actions. No practising certificate shall be issued to him for 2 years. HK$150,000 Cost: 1st Respondent 2) Alfred T.K. Notary Public. Albert has practiced as a Hong Kong solicitor for over 40 years. Order: The 2nd Respondent issued unmodified auditor's opinions on the financial statements of a Hong Kong listed company which contained misstatements of earnings per share, contrary to Hong Kong Accounting Standard 33. Costs: Cancellation of practising certificate with effect from 24 June 2018 and no practising certificate shall be issued to him for 2 years. Dan Neidle will leave the firm’s partnership next April and will be succeeded for a four-year term by Sonia Gilbert, who advises across all sectors on […], Mayer Brown has expanded its Asia corporate and securities practice by hiring a three-strong team from Eversheds Sutherland. Please click here for the main bonus page. The respondent controlled a group of companies in Hong Kong which provided trust and tax advisory services. , without reasonable excuse, to comply with a direction issued by the Practice Review Committee (PRC) under section 32F(2)(b) of the, Cancellation of practising certificate and removal from the register of CPAs for three years with effect from 28 October 2020, The respondents were the auditor of a licensed corporation under the Securities and Futures Ordinance for each of the three years ended 31 March 2015 to 2017. We would generally say, however, that giving a “heads up” is not a good idea as we have seen many employers accept this as your actual resignation. Charles also sits as an arbitrator in commercial matters, and on the solicitors' disciplinary tribunal. Yes, you can. Found inside – Page 9Made Member of the Hong Kong Legislative Council ( 1964-73 ) and significant financial and personal contribution in 1984 ... Committee Member of Hong Companies Advisory Committee , the Solicitors Disciplinary Tribunal Kong Chamber of ... He was sentenced to imprisonment. The 1st respondent expressed unqualified auditor’s opinions on the financial statements of a Hong Kong listed company and its subsidiaries for the three years ended 31 March 1999, 2000 and 2001. Removal from the register of CPAs for one year with effect from 5 October 2020  Costs: Failure or neglect to observe, maintain or otherwise apply professional standards issued by the Institute. Hong Kong pro-establishment lawmaker Junius Ho Kwan-yiu denounced Luke de Pulford and the UK’s Solicitors Disciplinary Tribunal on Thursday …   The respondent was the engagement director. The hike in pay across the associate scale in Europe, Middle East and Asia (EMEA) coincides with changes to the firm’s bonus structure, as NRF’s hierarchy seeks to reward […], The Royal Institution of Chartered Surveyors (RICS) is seeking a new general counsel after its former GC left the organisation. Costs: The advantages were offered to induce the chairman to act in a fraudulent scheme concerning the company's substantial acquisition of a mining business. HK$100,000, 3rd Respondent 333) for three years. The practice was selected for a practice review and significant deficiencies were found in the Practice's audit engagement of a Hong Kong listed company. Paul Moloney has joined the firm as an investment funds partner, based in its Hong Kong office. He falsified certain documents to cover up his acts. Yes, you can be off sick and you will be entitled to receive your normal rate of pay, contractual sick pay or SSP, unless you have exhausted this already prior to your notice period commencing. Practising certificate be cancelled and no practising certificate shall be issued for nine months When carrying out a practice review, the reviewer found that the Practice failed to established and maintain an effective system of quality control. (including FRC costs), 1. 3) Baker Tilly Hong Kong Limited. Penalty: In addition, he is a member of the Takeovers and Mergers Panel and the Takeovers Appeal Committee of the Securities and Futures Commission of Hong Kong, and is also a member of the Listing Review Committee of The Stock Exchange of Hong Kong Limited. 1st & 2nd  Respondent Also, a number of significant deficiencies were found in an audit engagement. This book is about the role of lawyers in constructing a just society. Its central objective is to provide a deeper understanding of the relationship between lawyers' commercial aims and public aspirations. If you were to be dismissed, you would then be entitled to 4 weeks’ pay, although if you were to resign, you would be entitled to 1 week’s pay. The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements; Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, the fundamental principle of professional competence and due care, Code of Ethics for Professional Accountants, The Institute completed a practice review on a practice. Reprimand HK$80,000 HK$100,000, 3rd Respondent Au Yeung Tin Wah After reunification on 1 July 1997, the Basic Law of Hong Kong implements the concept of “One Country Two System”. Access breaking news, comment and unrivalled data-rich analysis about the stories happening in the legal market by subscribing to The Lawyer today. All Respondents jointly In the recent decision In the Matter of Padma Fund L.P. (unreported, 8 October 2021) (Padma), Justice Parker found that the Grand Court of the Cayman Islands (Court) has no jurisdiction to wind up a Cayman Islands exempted limited partnership (ELP) on the basis of a creditors’ petition. Penalty: The respondent was a licensed person under the Securities and Futures Ordinance and an employee of a company which sponsored a listing on the Growth Enterprise Market board. Press release: The 3rd Respondent was the engagement quality control reviewer for 2011 audit. If you don’t have a contract, or the contract is silent on how to give notice, you may give verbal or written notice. HK$117,372.20 In addition, Tse's firm acted as auditor of one of the companies when it had a close business relationship with that company. Reprimand Cost: Practising certificate be cancelled and no practising certificate shall be issued for 16 months. The audit team failed to perform sufficient audit procedures and prepare adequate documentation in relation to the classification, recognition and measurement of certain convertible bonds and notes, convertible cumulative preference shares and share options. The Group did not correctly account for the arrangement as a financing transaction under Hong Kong Accounting Standard 18 Revenue. Further, they failed to identify that the group had wrongly treated the consideration adjustment as a cash flow item and wrongly recognized it in the financial year after the one in which the relevant profit shortfall arose. Costs: The respondent was not very cooperative with the Institute during its investigation. Reprimand, Payment of penalty of HK$100,000 Poon was convicted of theft in the District Court in July 2016.   Leung Tam & Wong Solicitors, lawyers are members of the Law Society of Hong Kong. He was sentenced to imprisonment for four years and six months. The corporate practice audited the consolidated financial statements of three Hong Kong listed companies for financial periods ended in 2010 and 2011. Copyright ©2021 Hong Kong Institute of Certified Public Accountants. Permit number for Hong Kong, Macau and Taiwan Residents. Found inside – Page 276However, at least in the Hong Kong context, on many occasions both before and after 1997, such a coercive power has ... Thus, disciplinary tribunals, such as a solicitors disciplinary tribunal and a barristers disciplinary tribunal, ... - He is responsible for the practice‘s quality control system and the quality of its audit engagements. Breach by the 3rd Respondent of Hong Kong Standard on Auditing ("HKSA") 700 and HKSA 230, and breach by the 1st and 2nd Respondents of the fundamental principle of Professional Competence and Due Care in the Code of Ethics for Professional Accountants.

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