Audits carried out by the Chinese arms of KPMG and PwC contained an “unacceptable” number of flaws, US inspectors said on Wednesday, as they vowed to expand examinations of large accounting firms in the country.
The Public Company Accounting Oversight Board found multiple deficiencies in all four of the audits it examined by KPMG Huazhen, the Big Four firm’s mainland China operation, it said.
There were also multiple deficiencies in three of four audits inspected at PwC’s Hong Kong operation, and the PCAOB found two cases where PwC staff had financial relationships with the company it was auditing.
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