After nearly three months of reporting on the reporting letter from Puhua Yongdao, the Hong Kong Accounting and Financial Reporting Bureau stated that the current evidence is not enough to support three allegations on the PwC's quality management system.Regarding the allegations of the audit quality of China Evergrande Group, the investigation is still ongoing.
In April of this year, a letter of report entitled "Who brought PricewaterhouseCoopers into Evergrande's fire pit" circulated on the Internet.In the letter, the quality management system of PwC and the quality of the quality of Evergrande's audit is seriously concerned.Pwa Yongdao responded at the time that the anonymous letter contains false information about PwC and some partners, which will conduct in -depth investigations on the matter.The Finance Bureau of the Hong Kong Council later said that, in view of the seriousness of the allegations, the official responsibility launched an investigation.
The Finance Bureau issued a statement on Wednesday (July 10) that the evidence collected during the review process was not enough to support the allegations of the three items of Luo Bingxian Yongdao Quality Management System, including: Failure to establish and maintain an effective quality monitoring system to ensure the quality of audit and comply with professional standards and applicable laws and regulations; when providing audit and other professional services to China Evergrande GroupProfessional guidelines for customer relationships; failed to assign key personnel in the key position of the quality management system of the accounting firm, which may harm the monitoring function of the firm.
The statement also stated that the allegations of the audit quality of China Evergrande Group were conducting independent investigations on the relevant audit of PwC, and the relevant investigations were still ongoing.
After being involved in the financial fake storm of Evergrande Real Estate, PricewaterhouseCoopers has lost a large number of corporate customers in China, and its income prospects have been impacted.Pricewater -Yongdao also reported the news of large -scale layoffs in China yesterday.
