🤨 No More Big Four in China?
readon.substack.com/p/no-more-big-four-in-china
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With every step towards a new sector, it moved another step away from its core purpose.
uarong's leadership was involved in corruption and bribery.
x-chairman Lai Xiaomin was even sentenced to death in 2021 for accepting bribes worth $277 million from 2008-2018
eloitte is in trouble because it failed to perform its auditing duties wel
derlying assets in its audit and ignored certain compliances for approva
bad bank
ore attractive so that they could get foreign investme
ered securities trading,
Huarong’s auditors were late to submit their financial reports for 2020 in 2021.
assive sell-off in Huarong’s bonds and shares, causing an actual problem in the bad bank’s financia
usion of $6.6 bil
tte did not issue proper audit opinions on the identified abnormal transactions of Huarong. It also did not obtain sufficient and appropriate evidence when it provided auditing servic
Because of two reasons: Data security: These international auditors have connections with the US and could leak sensitive information about how Chinese companies are operating to US authorities. Job security: With Big Four auditors gone, Chinese auditing firms could now get more revenue.
his shift really add value?
ean more audit irregularities rather than efficiencies
hina or the Big Four?
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