Defendant Name:
Baker Tilly Hong Kong Limited
Defendant Type:
Other
Document Reference:
34-73862
Document Details
Legal Case Name
In the Matter of Baker Tilly Hong Kong Limited, Andrew David Ross, CPA, and Kwok Laiha Helena, CPA
Document Name
Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Sections 4C and 21C of the Securities Exchange Act of 1934 and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
17-Dec-2014
Document Format
Administrative Proceeding
AAER
3615
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The SEC stated: "Respondents...failed to plan and implement and appropriate audit response to these related-party transactions in compliance with PCABO standards. Further, contrary to generally accepted accounting principles in the United States of America ("U.S. GAAP"), CNEP's December 31, 2009 financial statements did not disclose the related-party transactions other than as a single entry showing a small, net balance due to the CEO. Nonetheless, Baker Tilly issued an audit report containing an unqualified opinion regarding CNEP's 2009 financial statements. That report, which Respondents knew would be filed with the company's 2009 Form 10-K, inaccurately stated that the audit had been conducted in accordance with PCAOB standards and that CNEP's financial statements fairly presented the company's position and results in conformity with U.S. GAAP."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Baker Tilly "shall not accept new audit clients between the date of this Order and the issuance of the Certification of Compliance by the Independent Consultant"; Baker Tilly "will provide notice of this settlement to its current U.S. audit clients; Baker Tilly "shall cooperate fully with the SEC in any and all investigations, litigations, administrative or other proceedings"
Monetary Penalties:
Disgorgement
Individual:
$75,000.00
Shared:
Pre-Judgment Interest
Individual:
$9,101.00
Shared:
Other Defendants in Action:
