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Accounting and auditing

PwC Zhong Tian, the China unit of the accounting firm, was handed a record fine of 441 million yuan on September 16. Photo: AP Photo

China urges audit firm PwC to strictly abide by rules and regulations

China’s vice-finance minister met PwC’s chief in Beijing following a hefty fine and suspension handed to the firm’s mainland unit over auditing failures at Evergrande.

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PwC invests in ‘high quality’ business to survive in China after fine

China slaps PwC with record US$62.2 million fine, 6-month ban

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Struggling Country Garden drops PwC amid turmoil in China property sector

Country Garden drops PwC as its auditor, in another setback for the firm that has lost more than 50 clients this year.

A Country Garden logo in Tianjin, China. Photo: Reuters

Late resignations tarnish Hong Kong auditors’ credibility, regulator says

The regulator received a record 190 complaints for the financial year ended March 31 and carried out 77 investigations.

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Liu Jin resigns as Bank of China’s president for ‘personal reason’

The move came as a surprise as Liu, born in 1967, has yet to reach the official retirement age of 60 years for men.

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PwC China unit faces record fine, 6-month ban for Evergrande audit failures

PwC’s mainland unit could face a 500 million yuan (US$70 million) fine and a six-month ban on business for its failure in the audit of bankrupt developer China Evergrande Group, sources say.

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PwC Zhong Tian faces a fine and a ban for its alleged failures in auditing China Evergeande’s books before its collapse. Photo: Weibo

Evergrande liquidators sue PwC for ‘negligence and misrepresentation’ in audit

PwC, former auditor of the collapsed developer China Evergrande Group, is facing legal action from the liquidators of the company, the latest setback for the accounting firm.

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Evergrande NEV’s creditors seek bankruptcy proceedings for carmaker’s 2 units

The bankruptcy petition filed in the local provincial courts on Friday could have a material impact on production and operations, according to an exchange filing.

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Family office operators in Hong Kong plan US$100 million capital-investment fund

Wings Capital has teamed up with other family offices in the city to set up a fund that will invest for CIES applicants, partner Cliff Ip says.

Hong Kong’s Capital Investment Entrant Scheme has received nearly 350 applications as of July 5. Photo: Xiaomei Chen

Hong Kong and mainland China team up on investigating PwC’s audits of Evergrande

China’s Ministry of Finance and Hong Kong’s audit regulators have been assisting each other in their respective investigations of PwC’s audit work of China Evergrande Group.

Hong Kong and mainland Chinese regulators have conducted separate investigations into PwC on the quality of the audit work related to Evergrande. Photo: Bloomberg

Hong Kong’s regulator partially clears PwC in whistle-blowing case

Review of PwC’s internal investigation shows there is no evidence to support some of the allegations made by anonymous whistle-blowers, AFRC says.

China dials up scrutiny of Big Four audit firms after Evergrande probe: sources

China’s Ministry of Finance’s scrutiny is mainly focused on Deloitte, EY, PwC, KPMG and their audits of some financial firms as well as highly leveraged companies.

PwC starts mass lay-offs in China after losing dozens of clients

More than 30 publicly listed companies including state-owned giants PetroChina, China Life Insurance and Bank of China, dropped PwC as their auditor after an alleged accounting fraud at China Evergrande Group.

Logo of PricewaterhouseCoopers in China. Photo” Weibo.

Shanghai bars chip maker from listing shares for 5 years for inflating profit

The Shanghai Stock Exchange has barred S2C, a local chip maker, from listing its shares in the next five years, the first such moratorium since China rolled out its registration-based IPO system across the board in 2023.

It comes three months after the mainland bourse fined the company and its executives a total of 16.5 million yuan for the rule violation. Photo: EPA-EFE

Another Chinese firm abandons PwC as regulators tighten scrutiny of auditor

China Merchants Shekou Holdings, the property arm of the state-owned group, said it will hire KPMG, reversing its decision to appoint scandal-plagued PwC.

Another big client ditches PwC as firm faces fines over Evergrande audits

State-owned China Cinda Asset Management is the latest major client to terminate its contract with PwC, after several big firms cut ties with the auditor amid growing concerns about possible financial fraud tied to embattled developer China Evergrande.

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PwC faces client defections after accusations about China Evergrande

China Merchants Port Group joins at least four other large corporations that have scrapped plans to hire or ended contracts with the auditing firm in the last month, after whistle-blowers in April alleged PwC ‘turned a blind eye’ to misconduct by China Evergrande.

The logo of accounting firm PwC is seen at its Berlin office. Photo: Reuters

China Evergrande’s EV unit told to repay US$268 million of government subsidies

Evergrande NEV said local governments want to terminate investment cooperation contracts signed in April 2019 and are demanding repayment of subsidies.

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ESG, Greater Bay Area opportunities draw young professionals to accounting

ESG reporting and the Greater Bay Area offer opportunities for young accountants, and the IPO market is set to recover, new HKICPA president Roy Leung says.

Hong Kong accounting watchdog to investigate PwC over Evergrande audits

Hong Kong’s accounting watchdog will investigate PwC for alleged auditing fraud related to bankrupt Chinese developer China Evergrande Group, vowing enforcement action.

PwC refuted the whistleblower’s accusations, saying they were ‘clearly contradictory to the facts’. Photo: Reuters

PwC refutes China Evergrande fraud allegations made in anonymous letter

Accounting firm vows investigation, possible legal action against creators of ‘fabricated’ letter circulating on social media, which names partners it claims were involved in ‘auditing failure’ tied to the indebted developer.

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The logo of big-four accounting firm PricewaterhouseCoopers. Photo: Weibo

Tuhu expects 2023 profit as post-pandemic travel boosted demand for car repairs

Tuhu Car, a Chinese car maintenance and repair company listed in Hong Kong, said it expects its financial results for 2023 to reflect a turnaround in its business as a post-pandemic rebound in domestic travel boosted demand for its services.

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Exclusive | Hong Kong’s accounting watchdog ready to flex regulatory muscle, chairman says

The Accounting and Financial Reporting Council has handled a substantially higher volume of complaints and investigations over the past five years since it gained more power, its chairman says.

Hong Kong’s low salary tax rate still a lure as corporate levies set to rise

The global minimum tax regime to be implemented in Hong Kong in 2025 means the city can no longer offer tax incentives to big companies, but the entrepot will attract talent and businesses because of a low salary tax rate which will maintain strong capital markets.

View of IFC from Central Plaza in Wan Chai. Photo: Jonathan Wong

Global minimum tax may dent Hong Kong’s competitiveness, lawmaker warns

Hong Kong’s decision to implement the 15 per cent global minimum tax for large multinational companies from 2025 could undermine the city’s efforts to offer tax incentives to attract new businesses, says Robert Lee, who is also a broker.

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Hong Kong’s government has issued a consultation paper to collect views on the implementation of the tax. Photo: Yik Yeung-man

US watchdog fines PwC affiliates, Chinese firm US$8 million for audit failures

PwC’s affiliates in China and Hong Kong, and Shandong Haoxin, have agreed to pay a combined fine of nearly US$8 million for auditing failures related to US-listed Chinese companies, the PCAOB said.

China’s draft rules on audit papers raise uncertainty over Hong Kong’s role

Rules restricting the location of working papers and data mean accounting firms will have to up their game to comply, experts say, while calling into question the role of Hong Kong and the ‘big four’ global accounting firms.

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Accounting and auditing
The latest news, analysis and opinion on Accounting and auditing. In-depth analysis, industry insights and expert opinion.
last updated:
9 September, 2024
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