Shen, Timothy Ka Yip 沈嘉奕

This is a follow-on action from the SFC's action for window-dressing the accounts of W. Falcon Asset Management (Asia) Ltd.

For bad work on the 2011 audit of China Health (0673). At para 45, the decision wrongly states (on HKICPA advice) that in a previous case (Leung Sze Chit, 2013) the respondent "was not reprimanded", and decides not to reprimand Ms Keung, who submitted that she was too inexperienced when she was appointed as the Engagement Quality Control Reviewer. In fact, Mr Leung was reprimanded. The committee also decries the delay in commencing proceedings (the case was referred by the AIB/FRC) and calls on the HKICPA to consider a minimum post-qualification experience requirement for ECQRs.

For bad audit work on 3 private companies, including another CPA firm, Stephen M.S. Lai & Co. CPA Ltd, run by Stephen Lai Man Shing.

For lying about her qualification and employment history in a listing application document, and failing to disclose her convictions for theft when renewing her membership. She was previously caught fibbing in 2015.

For failure to pay MPF contributions for his employees over up to 28 months.

This case relates to fraudulent transactions in 2003/4 by Grand Field (0115) which Webb-site exposed in our 2004 article "Cooking with gas". Mr Au Yeung admits that he lied to the Stock Exchange and participated in the sham disposal of the bogus project. Since 2006, he has been the Company Secretary of China Energine (1185). Our take: he cannot be trusted with the affairs of a listed company and they should fire him.

Our bundle includes the judgment in her unsuccessful appeal against the criminal conviction for theft.

This is a follow-on from an SFC action.