30+ Chinese companies, including Bank of China and China Life Insurance, drop PwC as auditor due to Ministry of Finance guidance amid Evergrande issues.

Chinese regulators, including the Ministry of Finance (MOF), reportedly asked major state-owned clients of PricewaterhouseCoopers (PwC) to drop the auditor amid potential penalties over its work for troubled property developer Evergrande. Over 30 listed Chinese companies, including Bank of China, China Life Insurance, and PICC, have dropped PwC as their auditor this year due to the MOF's guidance. The move has led to staff cuts and salary reductions for some senior PwC partners.

August 05, 2024
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