Bank of China paid PwC 193 million yuan ($27-million) in auditing fees last year
Auditor PwC has lost its largest mainland China-listed client, Bank of China , to rival EY, adding to an exodus of clientele amid a regulatory investigation into its work on troubled property developer China Evergrande Group.
At least 50 Chinese firms, many of which are state-owned enterprises or financial institutions, have either dropped PwC as their auditor or canceled plans to hire the firm in recent months, a Reuters examination of filings shows. Chinese authorities have been looking at PwC’s audits of Evergrande which has been accused by the securities regulator of a $78-billion fraud - an investigation that is expected to result in heavy fines. PwC audited Evergrande for almost 14 years until early 2023.
They have also advised that state-owned firms and listed companies should be “extremely cautious” about hiring auditors that have received regulatory fines or other penalties in the past three years.
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