PwC lost its largest mainland China-listed client, Bank of China, to EY due to regulatory scrutiny.

PwC has lost its largest mainland China-listed client, Bank of China, to rival firm Ernst & Young (EY) amid regulatory scrutiny over PwC's audits, particularly those related to the troubled property sector. This marks a significant setback for PwC as Bank of China is one of China's largest banks. The decision comes after at least 50 Chinese firms, including state-owned enterprises or financial institutions, have either dropped PwC as their auditor or canceled plans to hire the firm in recent months.

August 20, 2024
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