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Report: CN Accounting Firms Join Auditing Work of Major SOE Banks For 1st Time
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According to Shanghai Securities News, the audit business of large state-owned banks, which has been monopolised by the "Big Four" accounting firms for many years, is gradually involving the participation of local firms in China. ICBC (01398.HK) (601398.SH), BANK OF CHINA (03988.HK) (601988.SH) and PSBC (01658.HK) (601658.SH) are some of the major state-owned banks that have confirmed that their audit organisations for the year 2024. While the main auditors were still the Big Four, local firms such as BDO China Shu Lun Pan and Pan-China CPA would participate in the audit for the first time. The report quoted the industry as pointing out that there would still be large financial institutions announcing accounting firm changes, and financial auditing will gradually enter a new mode of employing the Big Four as main auditors and local firms as participating auditors. Industry insiders also revealed that in a new round of tenders for major state-owned banks this year, a number of major banks have selected different firms to provide audit services, with their parent companies and major subsidiaries as a bid, and other non-major subsidiaries as another bid. Firms may even bid for both bids, but cannot win both. At present, local accounting firms have already participated in the annual report audits of 3 of the 6 major state-owned banks. AAStocks Financial News |
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