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PWC China’s Regulatory Nightmare Is a Golden Opportunity for Their Arch-Nemesis Ey and KPMG to Steal All the Clients With Cash on Hand While PWC Fumbles

Crypto NewsRegulation/NegotiationRetail Investors 6 Barry Thompson August 16, 2024

An illustration depicting a sinking ship with PwC's logo on its stern, while Ernst & Young and KPMG are shown in smaller boats approaching from either side to rescue the fleeing passengers who represent corporate clients leaving their services due to regulatory issues. The background is darkening as night falls, symbolizing uncertainty and turmoil for PwC amidst a backdrop of financial chaos caused by Evergrande's audit scandal.

It seems like PwC’s China operation is in a bit of hot water, with over half its corporate clients jumping ship after regulators started investigating their role in auditing Evergrande Group (3333.HK). The firm has been accused of being involved in $78 billion worth of fraud. That’s quite the scandal! EY and KPMG have taken advantage of PwC’s woes by snapping up many of its former clients, including some big state-owned enterprises like Bank of China (BOC) and PetroChina

Source: www.reuters

EY, KPMG benefit most from PwC China's regulatory woes
https://www.reuters.com/business/finance/ey-kpmg-benefit-most-pwc-chinas-regulatory-woes-2024-08-15/
HONG KONG, Aug 15 (Reuters) - Ernst & Young (EY) and KPMG have snapped up over half of PwC's corporate clients in China that have fled the market's leading accounting firm as it faces a regulatory probe, filings show. Chinese authorities have been investigating PwC's role in auditing China Evergrande Group (3333.HK), opens new tab, after the securities regulator accused the troubled property developer in March of a $78-billion fraud. […]

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About the author

Barry Thompson

Barry’s crypto nightmare began when he bought Bitcoin at $3, thinking he’d stumbled upon the financial opportunity of a lifetime. He sold his stash at $100, only to watch in dismay as Bitcoin soared to absurd heights. Now, Barry channels his rage into scathing articles about the crypto circus, seething with resentment at the digital gold rush he barely missed. His motto: “I sold out at $100, but the joke’s on me because the real joke was believing in this absurd circus.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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