PwC loses largest China client in wake of China Evergrande storm

Penalties on professional services firm over 'negligence' likely to come soon

Bank of China joined a growing list of Chinese companies terminating contracts with PwC as the collapse of China Evergrande put the auditor's work in doubt.

WANG JUANJUAN and HAN WEI, Caixin

August 22, 2024 18:46 JST

PricewaterhouseCoopers LLP (PwC) has lost its largest client in the Chinese mainland amid a wave of client departures triggered by a regulatory probe into the auditing firm's work with scandal-hit developer China Evergrande Group.

Bank of China, one of the country's biggest four state lenders, said it will hire EY as its auditor for 2024, replacing PwC China. The bank will also hire domestic audit firm BDO China Shu Lun Pan CPAs LLP as the secondary auditor, Caixin learned.