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Accounting and auditing

Accounting and auditing
The latest news, analysis and opinion on Accounting and auditing. In-depth analysis, industry insights and expert opinion.
As a world-class financial centre, Hong Kong must strive to maintain the highest auditing standards. Photo: May Tse
Banking & finance

Editorial | Hong Kong listed firms should not hire auditors based only on lower fees

The industry watchdog has warned that a race to the bottom could lead to a rushed job, compromising auditing standards and opening the door to fraud.

HKEX

Hong Kong audit watchdog warns of quality risks amid fee cuts, tight deadlines

Deloitte

Exclusive | Deloitte China launches global office to help clients navigate trade tensions

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Hong Kong society

Explainer | From salaries to side gigs and audits: how to navigate Hong Kong’s tax system

The Post unpacks filing requirements and offers insights into controversy involving journalists being targeted for audits.

Tax filing season is under way in Hong Kong with June 2 the deadline for most residents. Photo: K. Y. Cheng
Hong Kong housing

Hong Kong auditor finds over 26,600 window inspection notices ignored

Authorities recorded 445 incidents of windows falling from buildings between January 2017 and December 2024.

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ESG investing

Hong Kong accounting body calls for more expertise in sustainability practices

Some 21 per cent of Hang Seng Index members obtained a ‘reasonable’ score while 53 per cent received a ‘limited’ rating, council report shows.

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Banking & finance

Hong Kong firms plan hiring sprees as economy perks up in 2025: survey

Most executives expect revenue growth next year, and hiring intentions are at a four-year high, CPA Australia report says.

People cross a road in Central on August 17, 2023. Photo: Jelly Tse
PwC

Hong Kong is bridge between China and the world for accounting, Paul Chan says

Ministry of Finance will continue to support Hong Kong in cross-border accounting regulation and talent nurturing, vice-minister says.

Banking & finance

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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Mergers & Acquisitions

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

PwC Zhong Tian was hit with a six-month suspension and a fine of 441 million yuan on Friday over the firm’s audit of failed property developer China Evergrande Group.

A man walks by the audit firm PricewaterhouseCoopers (PWC) office, at the Fortune Financial Center in Beijing on August 27, 2024. Photo: AP.
Evergrande crisis

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

Beijing wants to send a strong message to auditors about their role as gatekeeper, Hong Kong lawmaker Edmund Wong says.

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The heavy fine and services ban on PwC shows mainland Chinese regulators want to maintain high auditing standards. Photo: Bloomberg
Banking & finance

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.

Evergrande crisis

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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Banking & finance

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.

Liu Jin, President of Bank of China, during the Global Financial Leaders’ Investment Summit at the Four Seasons Hotel in Hong Kong’s Central district on 2 November 2022. Photo: Sam Tsang.
Evergrande crisis

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
China property

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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China Evergrande Group

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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Banking & finance

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
China Evergrande Group

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.

Banking & finance

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.

Banking & finance

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.

A visitor walks past a booth from accounting firm Deloitte at the China International Fair for Trade in Services (CIFTIS) in Beijing, Saturday, Sept. 5, 2020. Photo AP
China Evergrande Group

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.
China stock market

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.

Banking & finance

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.

China Evergrande Group

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’s troubles have deepened since regulators in mainland China and Hong Kong began investigating its involvement in the financial fraud of China Evergrande. Photo: Reuters
Banking & finance

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 Group

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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Greater Bay Area

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.

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