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US corporate audit inspections in China at ‘very early stage’, says PwC

By Huw Jones

LONDON (Reuters) – U.S. regulatory inspections of audits of US-listed Chinese companies have begun and conclusions could take months, said Bob Moritz, chairman of PwC Global.

A China-U.S. deal in August allows U.S. regulators for the first time to inspect China-based accounting firms that audit New York-listed companies to resolve a dispute that threatened to take more than 200 Chinese companies off U.S. exchanges. keep out.

“We are in the middle of the inspection process. We are in the very early stages of that,” Moritz told Reuters.

PwC’s Chinese customers include e-commerce giant Alibaba Group.

“We still have several months to go before the conclusions are reached. We will continue to share the information that is allowed,” Moritz said.

He confirmed record global revenue for PwC of $50.3 billion for the year ended June 30, up 13.4% from the prior period.

During the last fiscal year, the “Big Four” accountant withdrew from Russia after the invasion of Ukraine on Feb. 24, while the global workforce rose by more than 32,000 to 328,000, as a four-year $12 billion program to raise 100,000. people to take got to work.

Moritz expects “significant” hiring in the current fiscal year to continue as the company recovers from the COVID-19 pandemic.

PwC has not yet set a mandatory minimum number of days to work in the office, although hybrid work was here to stay, he said.

“What we expect is that when they come in, there’s a purpose to get in. It makes sure the other people are there too,” Moritz said.

Rival EY asks partners if they want to split audit and consulting into two companies.

“We’ve been very clear that our current construction and organizational model is right for the stakeholders we serve … and we see no need for change,” Moritz said.

(Reporting by Huw Jones; editing by Paul Simao)

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