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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.
AI is helping accountants take on new and different job roles, according to KPMG. Photo: Getty Images
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

Deloitte China

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

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

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.

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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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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Last-minute resignations and failure to recognise potential problems are the two major issues affecting auditors’ credibility in Hong Kong. Photo: Sam Tsang
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.

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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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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A woman walks through a deserted Evergrande commercial complex in Beijing in July 2024. Photo: AP Photo
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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Evergrande NEV’s Hengchi 1 electric vehicle is displayed at the Shanghai car show in April 2021. The carmaker is mired in financial trouble. Photo: Bloomberg
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.

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.

PwC is laying off some 100 employees across various divisions and locations in China due to a downturn in revenue prospects. Photo: Bloomberg
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.

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.

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