A disciplinary committee of the Hong Kong Institute of Certified Public Accountants has reprimanded Ko Yat Wing Wallace (membership number F02760) and has ordered him to pay a penalty of HK$100,000 due to his failure or neglect to observe, maintain or otherwise apply a professional standard issued by the Institute.
In addition, Ko was ordered to pay to the Institute HK$5,000 towards the costs of the
Ko is the sole proprietor of a firm of certified public accountant, practising in the name of Wallace Ko and Company. According to the institute, it received information earlier concerning the failure of the firm to report non-compliance by an insurance broker with the requirements regarding the keeping of separate client accounts and the maintenance of minimum net assets required by section 73 of the Insurance Companies Ordinance, Cap. 41 of the Laws of Hong Kong. After considering the information available, the institute lodged a complaint against Ko in accordance with section 34(1A) of the Professional Accountants Ordinance.
The disciplinary committee found, on Ko's admission, that he failed or neglected to
observe, maintain or otherwise apply Practice Note 810.1 "Insurance Brokers – Compliance with the Minimum Requirements specified by the Insurance Authority under sections 69(2) and 70(2) of the Insurance Companies Ordinance."
Findings of the disciplinary committee are available at the Institute's website under the "Compliance" section.