HONG KONG, April 20 — Hong Kong’s accounting regulator said it would start an investigation into PwC’s role in auditing Chinese real estate giant Evergrande, citing the...
Heavily indebted Evergrande has become a symbol of the years-long crisis in China’s property market, and last month its onshore unit was accused of a US$78 billion revenue overstatement. — Reuters picHONG KONG, April 20 — Hong Kong’s accounting regulator said it would start an investigation into PwC’s role in auditing Chinese real estate giant Evergrande, citing the publication of a “whistle-blower report”.
PwC was the auditor for Evergrande for more than a decade before resigning last year amid disagreements on the audit of the firm’s 2021 accounts.“The report expressed significant concerns regarding potential alleged deficiencies in PricewaterhouseCoopers’ systems of quality management and the quality of the audits of China Evergrande Group,” it said in a statement.
The probe comes after an anonymous letter was circulated last week — titled “Who led PwC into the firepit that was Evergrande?” — and drew condemnation from the accounting firm, which said it contained “inaccurate statements and false allegations”.PwC also said it had reported the matter to authorities and would investigate the incident with “high priority”.
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