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Dozens of PWC China partner have left their roles in recent months after a ban on the audit of an failed Evergrande assets.
The landing of the company China In December and January, the entity was discovered by the database of finances certified public accountants that 66 people were no longer a partner, “although it is unclear if they left the company.
Detection is performed whenever partners join or deviate from the partnership.
The separate registry shows that the land with the mainland had 277 registered ownership partners from Tuesdays, including 65 deviator partners, indicating a reduction of more than 20 percent.
Decreasing a partner rank in China PWC is the largest in five years and comes after power imposed a six -month ban In September and fine of more than $ 60 million for “concealment or even” fraud -friendly “scope during an audit of Evergrande.
Discovering emphasizes the toll Pwc while moving after regulatory control. The reduction is far greater than with their rival fours of Deloitte, Ey and KPMG, who each reported a single -digit partner departure last year.
In September 2023, one year before the ban, PWC cinema had 1,048 partners, and capital and pristine, in land and Hong Kong, according to publication.
“Over the last few months, PWC cinemas has been transformed by her job,” said the company spokesman. “As we went through this procedure, some partners withdrew from the company.”
Among those who are no longer partners are Raymund Chao, former chairman of PWC Asia-Pacific and China; Gavin Chui, former head of PWC China finance; Jim Chen, a partner headquartered in Beijing, monitored the state -owned clients of the company; and Bura Chan, who previously led the Company Audit Department in northern China.
Several partners in the PWC China branch in Guangzhou, who was forced to dissolve after Evergrande was a fine, is also no longer in their roles.
Chinese regulations that have banned state -owned companies and companies with a continental list of employment of the auditor who have been punished in the last three accounting years.
The analysis of the clients of the affected partners suggests that PWC has lost the state and financial sectors, said Fan Zhongwen, professor of accounting at the Hong Kong City University. “Without clients, many simply can no longer keep their positions as a partner.”
Several former PWC partners joined competitors, including EY and RSM, after their clients transferred auditors, according to public information companies.
Pwc cinema lost about two -thirds of their accounting income From clients from the census from the mainland in the first half of 2024, the Financial Times reported in July. He struggles to keep his remaining client base, which includes private companies and groups on the list in Hong Kong, such as Alibaba and Tencent.
A fine and lawsuits against PWC, including one of Evergrande’s liquidatorThey got costs on the company.
Last year, PWC was a parachute in Hudi Hudson, a higher partner in the UK to oversee his Chinese job.
Additional reporting Stephen Foley in New York
