CHINA Cinda Asset Management is the most recent company to terminate its contract with accounting giant PwC, following five other major firms who have cut ties with the company amid growing concerns about alleged financial fraud tied to China Evergrande, reports Hong Kong's South China Morning Post.
The China Cinda has replaced PwC's services with those of fellow 'big four' accounting firm EY for 2024, the asset manager said in a stock exchange filing.
The decision was made to 'practice sound corporate governance and further improve the quality of external audit work,' and in accordance with 'relevant requirements of the selection and engagement of accounting firms by state-owned enterprises,' China Cinda said, adding that details of EY's appointment will be published to shareholders in due course.
China Cinda's announcement came less than a week after Shenzhen-listed China Merchants Port Group withdrew its proposal to hire PwC as its auditor for the year, following similar moves by corporate giants such as China Merchants Bank, China Railway Group and Mindray Bio-Medical Electronics.
SeaNews Turkey
The China Cinda has replaced PwC's services with those of fellow 'big four' accounting firm EY for 2024, the asset manager said in a stock exchange filing.
The decision was made to 'practice sound corporate governance and further improve the quality of external audit work,' and in accordance with 'relevant requirements of the selection and engagement of accounting firms by state-owned enterprises,' China Cinda said, adding that details of EY's appointment will be published to shareholders in due course.
China Cinda's announcement came less than a week after Shenzhen-listed China Merchants Port Group withdrew its proposal to hire PwC as its auditor for the year, following similar moves by corporate giants such as China Merchants Bank, China Railway Group and Mindray Bio-Medical Electronics.
SeaNews Turkey