The membership of Peter Y. Pang and the registration of Peter Y. Pang Inc., doing business as Pang & Associates, in the Organization of Chartered Professional Accountants of British Columbia (CPABC) have been cancelled as a result of a Hearing before a Panel of the Disciplinary Committee.
The Disciplinary Committee found Mr. Pang consistently and repeatedly failed to comply with or abide by his regulatory obligations. His history of breaches of the Rules of Professional Conduct without regard to the consequences of his behavior reflects contempt for the profession, contempt for CPABC, and contempt for his professional designation. And there are no extenuating or exculpatory circumstances to ameliorate his behavior. Whether looked at individually or cumulatively, the multiple and continuous examples of his professional misconduct show that he is demonstrably ungovernable, and unfit to be a member of the profession.
As a former member Mr. Pang cannot use or display the designations “Chartered Professional Accountant”, “Certified General Accountant”, or “Professional Accountant”, the initials “CPA”, “CGA”, “CPA, CGA”, or “PA”, or imply, suggest, or hold out that he is a Chartered Professional Accountant or Professional Accountant.
The membership of Kenneth H. L. Leung (a.k.a. Ho Long Kenneth Leung) in the Organization of Chartered Professional Accountants of British Columbia (CPABC) has been cancelled as a result of a Hearing before a Panel of the Disciplinary Committee.
The Disciplinary Committee found Mr. Leung, through his knowledge of accounting and the weaknesses of his employer’s operations, significantly defrauded his employer. As a Chartered Professional Accountant, his duty was to report the weaknesses in the accounting system to his employer, not to exploit them for personal financial gain. The Committee also determined Mr. Leung was intentionally dishonest and endeavored to deliberately cover up his dishonesty. He thereby breached his fundamental professional duty and demonstrated he is not fit to be a member of the profession.
As a former member, Mr. Leung cannot use the designation “Chartered Professional Accountant” or the initials “CPA” or imply, suggest, or hold out that he is a Chartered Professional Accountant or a Professional Accountant.
The membership of Arthur Brian Teed and the registration of Teed and Company in the Organization of Chartered Professional Accountants of British Columbia (CPABC) have been cancelled as a result of a Hearing before a Panel of the Disciplinary Committee.
The Disciplinary Committee found Mr. Teed openly refused to comply with or abide by his regulatory obligations, commitments, and undertakings; and that he showed no willingness to improve or upgrade his standards of practice. The Committee also found the continuous examples of his professional misconduct showed that he is demonstrably ungovernable.
As a former member, Mr. Teed cannot use the designation “Chartered Professional Accountant” or legacy designation “Certified General Accountant”, or the initials “CPA” or “CGA”, or imply, suggest, or hold out that he is a Chartered Professional Accountant or a Professional Accountant.
The Disciplinary Committee reached a Decision regarding a complaint made against Fangjie Li of Richmond, BC.
The Committee ordered that Mr. Li’s membership in CPABC is cancelled.
In order to resolve a disciplinary proceeding before a Panel of the Disciplinary Committee concerning professional misconduct alleged against them, a Member has agreed to voluntarily relinquish their membership in the Organization of Chartered Professional Accountants of British Columbia (“CPABC”), effective May 27, 2022.
Even though the Member had resigned their membership in another provincial CPA body (“CPA Body”), the Discipline Committee of the CPA Body heard Formal Complaints against them and determined, based on an agreed statement of facts, that they had breached Bylaws 200.1, 200.2, and Rules 202.1, 204.1, 205, 212.2, and 213.1 of the CPA Rules of Professional Conduct, and was guilty of professional misconduct under the applicable provincial enactment.
In the proceedings by the Discipline Committee of the CPA Body, it was determined that while engaged by clients to provide professional services, the Member misappropriated funds of at least $454,173.00, by depositing funds of these clients into their own bank account; the Member had manipulated and removed or reduced internal controls established by the clients for the receipt and deposit of funds, in order to facilitate their misappropriation; the Member failed to prepare an audit engagement file for one of the clients for its 2018 fiscal year; the Member issued an audit report for one of the clients for its 2018 fiscal year by simply changing the dates of the audit report for its previous fiscal year; the Member used the signature of another member of the CPA Body on an audit report that was not prepared by that member and without that member’s consent; the Member failed to engage an independent auditor for one of the clients for its 2018 fiscal year; the Member invoiced one of the clients for an audit engagement for its 2018 fiscal year, when no audit engagement had been performed; the Member failed to provide services to one of the clients with objectivity, by issuing an audit report on that client’s financial statements for its 2018 fiscal year, when they had provided bookkeeping and accounting services to that client in that same fiscal year; and the Member issued charitable tax donation receipts to themselves and their spouse without making any corresponding donations to one or both of the clients.
As a result of the foregoing professional misconduct found by the Discipline Committee of the CPA Body (which the Member has also admitted), the Member has also irrevocably admitted to breaching Rules 101.1(a) and 201.3 of the CPABC Code of Professional Conduct, by failing to maintain the good reputation of the CPA profession or serve the public interest.
As the Member is no longer a member of CPABC or the CPA Body, they cannot use or display the designations “Chartered Professional Accountant”, “Certified Management Accountant”, or “Professional Accountant”, the initials “CPA”, “CMA”, “CPA, CMA”, or “PA”, or imply, suggest, or hold out that they are a Chartered Professional Accountant or Professional Accountant.
In order to resolve a disciplinary proceeding before a Panel of the Disciplinary Committee concerning alleged professional misconduct against him, Vasant Pragjibhai Patel, of Surrey, British Columbia has agreed to voluntarily relinquish his membership in the Organization of Chartered Professional Accountants of British Columbia (“CPABC”), effective May 27, 2022.
The professional misconduct alleged against Mr. Patel involves a breach of the Chartered Professional Accountants Act, S.B.C. 2015, c.1 (the “CPA Act”) and numerous breaches of the CPABC Code of Professional Conduct, including: making false and misleading representations to investors to persuade them to invest; facilitating transactions to purchase housing units when not independent of the transactions; preparing and signing purchase agreements that did not accord with the terms of the transaction that had been agreed to; preparing and signing an agreement that purported to give himself an ownership interest in the housing units and the right to receive profits upon the sale of these properties on the misrepresentation that he had contributed to the purchase of the housing units; arranging for deposit funds to be paid contrary to the trust conditions in the purchase agreements; and failing to advise the investors to obtain independent advice before advancing monies by way of a loan.
As Mr. Patel is no longer a member of CPABC, he cannot use or display the designations “Chartered Professional Accountant”, “Chartered Accountant”, or “Professional Accountant”, the initials “CPA”, “CA”, “CPA, CA”, or “PA”, or imply, suggest, or hold out that he is a Chartered Professional Accountant or Professional Accountant.