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PCAOB Closes Door on Hong Kong Firm Over Repeated Audit Failures
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Subscribe24 JUL 2025 / PCAOB UPDATES
The Public Company Accounting Oversight Board (PCAOB) has penalized Hong Kong audit firm Centurion ZD CPA & Co for faulty auditing practices and compliance failures during its 2021 audit of Luckin Coffee. The firm has lost its registration, its owner, Chan Kam Fuk, has been barred for life, and a fine of $75,000 has been imposed; the outcome serves as a warning for auditors of U.S.-listed Chinese companies about the importance of robust compliance controls and auditing standards.
Think the Luckin Coffee mess was ancient history? Not quite. The PCAOB has come down hard on Centurion ZD CPA & Co. This Hong Kong firm somehow managed to botch the 2021 audit of Luckin, after the coffee giant had already been exposed for fabricating...
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