HKICPA fines Ernst & Young HK$350k and Andrew Wu Kwok Keung HK$100k
HKICPA, 09-Oct-2019
Over 14 years after optical frame-maker Moulin collapsed in a heap of fraudulent accounts, the auditor and its ex-managing partner, who retired in 2010, are fined for their myopic see-no-evil approach to the work. We note that Mr Wu now chairs the audit committee of SPT Energy (1251). Let's hope his vision has improved. Mr Wu's fine takes into account his "personal circumstances", which presumably include pay of RMB340k last year from SPT Energy. Moulin paid E&Y HK$10.8m for the 2 years in question.