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PwC
The latest news, analysis and opinion on PwC. In-depth analysis, industry insights and expert opinion.
last updated:
16 October, 2024
Hong Kong Financial Secretary Paul Chan Mo-po. Photo: Jonathan Wong
Accounting and auditing

Hong Kong is bridge between China and the world for accounting, Paul Chan says

Ministry of Finance will continue to support Hong Kong in cross-border accounting regulation and talent nurturing, vice-minister says.

Accounting and auditing

China urges audit firm PwC to strictly abide by rules and regulations

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Accounting and auditing

PwC invests in ‘high quality’ business to survive in China after fine

Accounting and auditing

China slaps PwC with record US$62.2 million fine, 6-month ban

Beijing wants to send a strong message to auditors about their role as gatekeeper, Hong Kong lawmaker Edmund Wong says.

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The heavy fine and services ban on PwC shows mainland Chinese regulators want to maintain high auditing standards. Photo: Bloomberg
Accounting and auditing

Struggling Country Garden drops PwC amid turmoil in China property sector

Country Garden drops PwC as its auditor, in another setback for the firm that has lost more than 50 clients this year.

Accounting and auditing

PwC China unit faces record fine, 6-month ban for Evergrande audit failures

PwC’s mainland unit could face a 500 million yuan (US$70 million) fine and a six-month ban on business for its failure in the audit of bankrupt developer China Evergrande Group, sources say.

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China property

Evergrande liquidators sue PwC for ‘negligence and misrepresentation’ in audit

PwC, former auditor of the collapsed developer China Evergrande Group, is facing legal action from the liquidators of the company, the latest setback for the accounting firm.

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A woman walks through a deserted Evergrande commercial complex in Beijing in July 2024. Photo: AP Photo
Accounting and auditing

Hong Kong and mainland China team up on investigating PwC’s audits of Evergrande

China’s Ministry of Finance and Hong Kong’s audit regulators have been assisting each other in their respective investigations of PwC’s audit work of China Evergrande Group.

Accounting and auditing

Hong Kong’s regulator partially clears PwC in whistle-blowing case

Review of PwC’s internal investigation shows there is no evidence to support some of the allegations made by anonymous whistle-blowers, AFRC says.

Accounting and auditing

PwC starts mass lay-offs in China after losing dozens of clients

More than 30 publicly listed companies including state-owned giants PetroChina, China Life Insurance and Bank of China, dropped PwC as their auditor after an alleged accounting fraud at China Evergrande Group.

Logo of PricewaterhouseCoopers in China. Photo” Weibo.
IPO

Hong Kong IPOs: PwC cuts 2024 fundraising prediction by 20% to US$10.2 billion

About 80 companies could list in Hong Kong this year, raising a total of HK$80 billion (US$10.2 billion), much lower than the HK$100 billion previously anticipated, PwC says.

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Accounting firm PwC is cautiously optimistic about fundraising activity on the Hong Kong stock exchange in the second half of the year. Photo: Jelly Tse
Accounting and auditing

Another Chinese firm abandons PwC as regulators tighten scrutiny of auditor

China Merchants Shekou Holdings, the property arm of the state-owned group, said it will hire KPMG, reversing its decision to appoint scandal-plagued PwC.

Accounting and auditing

Another big client ditches PwC as firm faces fines over Evergrande audits

State-owned China Cinda Asset Management is the latest major client to terminate its contract with PwC, after several big firms cut ties with the auditor amid growing concerns about possible financial fraud tied to embattled developer China Evergrande.

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Artificial intelligence

PwC to become OpenAI’s largest customer in genAI push in office

The company will provide the enterprise version of ChatGPT to its 75,000 US employees and 26,000 UK employees.

A PwC office in Sydney, Australia. Photo: Bloomberg
Accounting and auditing

PwC faces client defections after accusations about China Evergrande

China Merchants Port Group joins at least four other large corporations that have scrapped plans to hire or ended contracts with the auditing firm in the last month, after whistle-blowers in April alleged PwC ‘turned a blind eye’ to misconduct by China Evergrande.

The logo of accounting firm PwC is seen at its Berlin office. Photo: Reuters
China Evergrande Group

Hong Kong accounting watchdog to investigate PwC over Evergrande audits

Hong Kong’s accounting watchdog will investigate PwC for alleged auditing fraud related to bankrupt Chinese developer China Evergrande Group, vowing enforcement action.

Accounting and auditing

PwC refutes China Evergrande fraud allegations made in anonymous letter

Accounting firm vows investigation, possible legal action against creators of ‘fabricated’ letter circulating on social media, which names partners it claims were involved in ‘auditing failure’ tied to the indebted developer.

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Banking & finance

Why Asia-Pacific CEOs are uncertain about long-term business survival

Some 63 per cent of Asia-Pacific CEOs are not confident in the long-term survival of their company despite an overwhelming majority of leaders pivoting to reinvent their business models, a PwC survey showed.

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Technological shifts, such as the rise of generative AI and climate-related issues, are increasingly demanding CEOs’ attention. Photo: Reuters
IPO

Hong Kong IPO market to stabilise on listing reforms, lower interest rates: PwC

Hong Kong’s listing reforms include easier rules to help connect specialist tech companies with global capital. Fundraising in the city is expected to cross US$12.8 billion this year.

Accounting and auditing

US watchdog fines PwC affiliates, Chinese firm US$8 million for audit failures

PwC’s affiliates in China and Hong Kong, and Shandong Haoxin, have agreed to pay a combined fine of nearly US$8 million for auditing failures related to US-listed Chinese companies, the PCAOB said.

Business of climate change

Hong Kong-listed firms not ready for imminent climate-related disclosure rules

PwC research says only a quarter of listed companies have made voluntary emissions disclosures that are set to be mandatory from next year, and only 2 per cent are detailing climate-related risks and opportunities.

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A person braves a hot, sunny afternoon fishing at East Coast Park Precinct in Hong Kong Island’s North Point district on October 5, 2023. Photo: Sam Tsang
China technology

China’s tech, media and telecoms IPOs fall in first half of 2023: PwC report

There were 66 mainland technology, media and telecommunications enterprises that went public in the first half of the year, down from 124 in the second half of 2022, according to PwC.

Total financing raised by mainland technology, media and telecommunications enterprises in the first half of this year dropped to US$11.4 billion), compared with US$18.3 billion in the second half of 2022. Image: Shutterstock
Retailing

China’s gloomy economic outlook has taken the fizz out of consumer spending: PwC

The crisis in China’s real estate sector and high youth unemployment are among concerns weighing on consumer spending, according to a PwC report published on Tuesday.

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Business of climate change

HKEX’s climate disclosure rules will force firms to seek emissions solution: PwC

Hong Kong-listed companies will need to ‘know their greenhouse gas emissions’ and ‘look for solutions’ to meet the stock exchange’s imminent climate disclosure requirements, says PwC.

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Accounting and auditing

Entertainment, media in China set to drive US$479.9 billion in revenue: PwC

Internet advertising and video games will be the main growth drivers as China’s entertainment and media industry grows faster than the global average over the next five years, consulting firm says.

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Attendees visit a booth at the World Artificial Intelligence Conference in Shanghai on July 6, 2023. Photo: Bloomberg
Blockchain

Hedge funds retreat from crypto after 2022 FTX scandal, PwC survey finds

Hedge funds are stepping back from virtual assets as the cryptocurrency sector continues to reel from a series of collapses last year, and a regulatory crackdown in the US, according to a new PwC survey.

A person holds physical versions of bitcoin against the Hong Kong flag. Photo: Shutterstock Images
Australia

Australia urged to cut ties with Big Four firms as PwC scandal widens

Some lawmakers want the government to ban the so-called Big Four – PwC, Deloitte, Ernst & Young, KPMG – from taking taxpayers’ money.

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Australia

‘Absolutely filthy’: Can PwC tide over crisis as Australia tax scandal rages?

The accounting giant’s CEO and nine partners have stepped down after the company was accused of disclosing confidential government tax information to private clients.

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