HK Audit Watchdog Reprimands, Fines PwC for Audit Deficiencies

The Accounting and Financial Reporting Council reprimands PwC and two individuals for multiple audit deficiencies, imposes fines totaling HK$1.6 million ($205,860), according to a statement.

• Says PwC and the two individuals who held partner roles during the relevant audits for multiple audit deficiencies related to revenue recognition involving Dynasty Fine Wines and its subsidiaries, for the years ended Dec. 31, 2010 and Dec. 31, 2011
• Imposed pecuniary penalties of HK$800,000 for PwC; HK$600,000 and HK$200,000 for the two individuals respectively

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Twinnie Siu in Hong Kong at tsiu22@bloomberg.net

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