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Apr '14

The change calls for a cap on the liability

Canada Goose online China accounting scandals put Big Four auditors on red alert

Canada Goose Jackets HONG KONG (Reuters) The string of accounting problems and stock plunges at publicly traded Chinese groups has sparked deep concerns across the world biggest audit firms, putting the so called Big Four on alert from worries that their reputation could be brought down along with a growing list of stricken companies.

canada goose coats on sale Auditing Chinese firms preparing to go public on overseas exchanges is a lucrative business and one that plays into the strengths of the top, international auditing partnerships known as the Big Four: KPMG, Ernst Young, Deloitte Touche Tohmatsu and PricewaterhouseCoopers.

Canada Goose sale Yet fears are growing that the struggle to find enough high quality auditors in China and Hong Kong means it may cheap Canada Goose only be a matter of time until one of the top Canada Goose Online firms finds itself caught in a blow up rivaling Enron, which brought down their old rival Arthur Canada Goose Coats On Sale Andersen.

canada goose deals have gone up, fees have gone down, as competition for fees is Canada Goose sale enormous. You can easily see there is a real risk of an audit firm failing, said Paul Winkelmann, the partner in charge of risk and compliance for PWC in Greater China. According to interviews with professionals at the four firms, each firm is getting more and more cautious about the work they take on from mainland companies looking to IPO. whole industry, I Canada Goose Outlet will say, is very sensitive and cautious to China IPOs, said an auditor at one of the Big Four, who handles IPO work, who did not want to be named.

The Big Four are also getting nervous about work with existing Chinese clients, turning to lawyers at an earlier stage buy canada goose jacket if they think something might be amiss.

Canada Goose Parka a risk situation arises they now consulting canada goose uk lawyers earlier and dealing with it in a much more structured way than was perhaps the case in the past, said Tom Fyfe, a partner at law firm Barlow, Lyde Gilbert in Hong Kong who acts for some of the big four in litigation issues.

canada goose clearance sale All four of the canada goose clearance audit firms responded to a Reuters request to comment on the matter. The four firms said they have a rigorous approach to risk management.

CHINA BOOMING BIZ The big four have basked in China emergence as an economic powerhouse. In 2009 their revenue from work on the mainland stood at 9.1 billion yuan ($1.41 billion) according to the Chinese Institute of CPAs (CICPA), around half of China accounting industry revenue. Last year figures were not immediately available.

cheap Canada Goose As the revenues have canada goose black friday sale risen, so have the risks. have come from small Chinese companies who went public via a reverse takeover. or Hong Kong based accountancy practices, not uk canada goose the Big Four China firms. But some recent high profile cases have started to drag in the names of the world most prestigious auditors.

Canada Goose Outlet Last month, Deloitte quit canada goose clearance sale as auditor of Longtop Financial Technologies after working on the company books for six years, citing identified falsity uk canada goose outlet in their finances.

buy canada goose jacket cheap Ernst Young was named in two class action lawsuits over its canada goose uk shop work on Sino Forest, the Toronto listed company accused by short seller Muddy Waters of accounting fraud. firms to conduct audits on Chinese companies.

canada goose clearance think firms here have always been aware of the risks associated with audit work in China. There is more endemic fraud in Asia, but people are much more aware of it here and so manage the risks accordingly, said PWC Winkelmann.

Winkelmann, on behalf of the Hong Kong Institute of CPAs (HKICPA), is drafting a paper to present to the Hong Kong government later this year canada goose coats on sale calling for changes to the law on auditor liability. The IPOs are now so large last year saw two greater than $20 billion in Hong Kong the worry Canada Goose Jackets is that a massive IPO liability, if it were to hit an auditing firm, would be too big for the firm to handle. The change calls for a cap on the liability.

canada goose coats The latest string of scandals has laid bare some of the difficulties auditors have in China, forcing the big firms to reappraise their methods, given that a loss of reputation canada goose factory sale could bring them to their knees.

no doubt about it the firms are very Canada Goose online alert to these issues and very sensitive to what it means. They will be looking at their risk assessment procedures, Canada Goose Parka said Chris Joy, executive director, HKICPA.

STAFF SHORTAGES Two of the biggest challenges facing the big four are staffing and the type of companies they audit.

buy canada goose jacket Together the canadian goose jacket firms now employ just under buy canada goose jacket cheap 40,000 people in mainland China, Hong Kong and Taiwan. While that a relatively high number compared to other regions, it canada goose store not enough canada goose uk outlet to handle the huge demand created by the rapid economic growth of the world most populous country, experts say.

canada goose black friday sale are in tremendous need of experienced accounting professionals and graduating college students, said a canada goose coats spokeswoman for Ernst Young, which plans to recruit 1500 new staff this year.

canadian goose jacket Finding them might be tough.

us and the CICPA canada goose and other bodies that offer qualifications, we can produce enough at the moment, but we not going to compromise the quality https://www.canadagooseoutlet4sale.com of our programme just to mass produce accountants, said Joy at the HKICPA.

That skill shortage is likely to be felt even more keenly now that the type of IPO work the big firms are handling is shifting. Whereas 10 years ago the majority of firms going public in China were state owned enterprises (SOEs), a lot cheap canada goose uk more of the work now is for privately run businesses.

canada goose store the market was for SOEs, and China is not going to allow a major embarrassment with canada goose uk black friday an SOE, said PWC Winkelmann. now it changing as international firms are starting to do more of the private enterprises in China, which don come with that government support.

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