Reported 4 months ago
PricewaterhouseCoopers LLP lost several Chinese clients in May, including China Taiping Insurance Holdings Co. and China Merchants Bank Co., which switched auditors to KPMG and Ernst & Young, respectively. This loss of business adds to over a dozen firms that have stopped using PwC as their auditor in China over the past two years. The move comes amid regulatory scrutiny of PwC's auditing role in the China Evergrande Group financial fraud investigation, with authorities looking into allegations that Evergrande's onshore unit overstated revenue by 564 billion yuan. In response, PwC has resigned as an auditor from multiple Chinese property companies in recent years.
Source: YAHOO