The report quoted sources as saying that the mainland is seeking to curb the influence of multinational audit institutions linked to the United States, ensure data security in the mainland, and promote the development of the local accounting industry. Beijing has been making similar recommendations to state-owned companies for years, but has recently reemphasized the use of accounting firms outside the Big Four, they said. Authorities have not set a deadline and the replacement will take place at the natural expiration of the contract, the people familiar with the matter said.
While last year’s U.S.-China audit deal was lauded for showing that the two rival superpowers could still cooperate on some issues, Beijing’s window guidance suggests that decoupling continues in sensitive areas such as state-owned enterprises and advanced technology . One risk for the mainland is that switching to lesser-known auditors would make it harder for state-owned companies to attract capital from international investors.
China representatives for PwC, Ernst & Young, KPMG and Deloitte, known collectively as the Big Four accounting firms, declined to comment. The mainland’s finance ministry did not respond to inquiries.
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