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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.
Signage appears on the Australian head office building of PWC in Australia. Photo: AP
PwC

PwC International must face trial of Evergrande scandals claims: Hong Kong court

Liquidators seek claims of about 38 billion yuan from PwC International for Evergrande audit failures.

Banking & finance

Hong Kong’s 5-year plan should have tax breaks, listing reforms: HKICPA

Hong Kong stock market

As IPOs surge, Hong Kong’s audit regulator vows tougher scrutiny

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Banking & finance

Bank of China accused of exploiting tax preferences to avoid paying US$348m

The bank channelled funds through affiliates and mass employee investors to pass off private funds as public, China’s top auditor says.

The Bank of China building in Shanghai. Photo: Getty Images
Mainland China

Auditors face harsher penalties as China intensifies anti-fraud campaign

Beijing’s draft amendment toughens rules and extends liability, after PwC’s Evergrande penalties underscore audit failures.

Banking & finance

Why Hong Kong’s new corporate treasury centre plan could be a winning formula

Hong Kong is betting a simpler tax regime and upfront approvals will help it compete with rivals such as Singapore and Dublin.

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China property

Evergrande liquidators seek US$8.4 billion from PwC units in Hong Kong lawsuit

PwC International seeks removal from case as liquidators press claims against global arm as well as the Hong Kong and mainland China units.

A general view of The High Court in Admiralty. Photo: Warton Li
PwC

Hong Kong court to hear Evergrande liquidators’ lawsuit against PwC on Monday

PwC faces fresh legal battle after SFC ordered HK$1 billion payout to Evergrande minority shareholders and AFRC imposed HK$300 million fine.

PwC

PwC to pay US$128 million to Evergrande minority shareholders over audit failures

Settlement marks first time auditors of a defunct firm compensate minority shareholders over misleading financial statements.

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Banking & finance

Hong Kong IPO boom sparks finance hirings – but staff cuts have not gone away

Hiring in Hong Kong finance rose by 4,800 roles in the year to September, official figures show, as listings and trading gathered pace.

Hong Kong’s financial sector added about 4,800 jobs in the 12 months to the end of September. Photo: Jelly Tse
China’s crackdowns

China targets wealthy influencers with audits, fines as fiscal pressures rise

Big data is used to flag income gaps for top online stars and overseas earners, as regulators recover billions in unpaid levies amid slumping land sales and value-added tax revenue decline.

China is cracking down on live-streamers who are not paying their fair share of taxes. Photo: Shutterstock
Artificial intelligence

Hong Kong accounting firms plan hiring spree and embrace AI to attract talent

KPMG, Deloitte and EY boost hiring and invest in AI to lift efficiency and attract talent amid rising demand for tech-savvy professionals.

EY

Exclusive | Hong Kong to see more debt restructuring, liquidations amid weak economy: expert

Derek Lai says firms are more willing to engage professionals to address their debt problems, increasing the chance of a successful result.

Deloitte China

Deloitte China to hire 1,000 staff, invest US$64 million in Hong Kong

The company’s latest plans reflect Hong Kong’s efforts to reinvent itself beyond finance and property.

New positions to be created by Deloitte China in Hong Kong would cover financial services innovation, capital market advisory and AI development. Photo: Sun Yeung
IPO

Hong Kong audit regulator imposes fine of US$245,000 on Deloitte

Move part of the first batch of cases from Accounting and Financial Reporting Council, with aid from mainland’s Ministry of Finance.

People walk through Beijing’s central business district. Photo: AFP
Mainland China

Wuliangye Yibin’s profit slump mirrors rival Kweichow Moutai’s woes

First-half revenue and profit at China’s second-largest liquor distiller grew at the smallest pace since 2015.

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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.

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HKEX

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

Of the 16 auditors inspected by the AFRC, 13 accepted lower fees than the previous firm, while 12 have been asked to step up their audit quality.

One of the main reasons listed companies changed auditors was cheaper auditing fees, as existing auditors refused to give discounts, according to the AFRC. Photo: Getty Images
Deloitte

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

The ongoing US-China dispute is a golden opportunity for Chinese companies to go global, Deloitte China CEO Dora Liu says.

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Hong Kong society

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.

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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Forty-three per cent of the non-compliant cases, totalling 11,410, missed their compliance deadlines by an average of 6.5 years. Photo: Jelly Tse
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.

Only one-fifth of Hang Seng Index members obtained a ‘reasonable assurance’ grade in reporting, according to a survey last year. Photo: Shutterstock Images
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.

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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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
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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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.

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