PRICEWATERHOUSECOOPERS
PwC names new China head amid regulatory scrutiny
PwC said in a statement to Reuters on Wednesday that Shanghai-based Li assumed the role of chairman of PwC China and Asia Pacific with effect from July 1, taking over from Raymund Chao who retired on June 30. The firm came under the Chinese regulatory spotlight earlier this year for its role as the auditor of troubled property company China Evergrande Group.
PwC in major accounting scandal? China may impose record fine on PricewaterhouseCoopers over Evergrande auditing work
China is set to impose a record fine on PricewaterhouseCoopers LLP and may suspend some of its local operations due to its involvement in a major financial fraud case with China Evergrande Group. The Ministry of Finance is expected to announce the penalties soon, with a potential fine of at least 1 billion yuan. This move comes amidst heightened scrutiny on financial risks in China, with President Xi Jinping emphasizing the need for stronger financial oversight. PwC's Chinese arm, PricewaterhouseCoopers Zhong Tian LLP, was Evergrande's auditor during the period in question and has faced challenges in other jurisdictions as well.
ICAI passes orders against five affiliates of Price Waterhouse
The Institute of Chartered Accountants of India (ICAI) has sanctioned five Price Waterhouse affiliates, two other entities, and two individuals for professional misconduct. The ICAI directed the entities to terminate existing arrangements with multinational entities, citing violations of the Chartered Accountants Act 1949. The implicated PwC affiliates include branches in New Delhi, Kolkata, Chennai, and Bangalore, among others. Dalal & Shah Chartered Accountants LLP and two chartered accountants were also penalized.
Top auditors stop offering non-audit work to clients
Top audit firms in India, including KPMG affiliate BSR & Affiliates and BDO affiliate MSKA & Associates, have stopped offering non-audit services to audit clients. This move aligns with the NFRA's strict stance on conflict-of-interest issues. EY affiliate SR Batliboi & Co is the only top firm still providing such services. This change comes amid global pressure for auditors to maintain independence and avoid conflicts of interest. The NFRA's regulations apply to Indian companies meeting certain thresholds.
PwC plans to cut around 600 UK jobs- Source
PricewaterhouseCoopers (PwC), one of the renowned "Big Four" accounting firms, has revealed its intention to reduce its workforce by approximately 600 jobs in the United Kingdom, as reported by a source on Tuesday.
Deloitte UK to cut over 800 jobs: Source
The company is proposing some targeted restructuring that would result in the reduction of 3% of its workforce of 27,000 in the UK, a person familiar with the matter told Reuters.
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US renews audit inspection of China firms: Report
The inspection, part of an agreement signed last year, comes amid rising tensions between the United States and China, including U.S. consideration of export controls on artificial intelligence chips to China.
Legal AI race draws more investors as law firms line up
Technology companies and investors have rushed to embrace large language model-based generative AI since Microsoft-backed OpenAI's ChatGPT debuted in November. The models are trained on large, customizable data sets to produce text or other outputs that can closely mimic human creativity and analysis. Researchers used GPT-4 to pass the bar exam last month.
Deloitte to cut 1,200 jobs in the US: FT
The layoffs at the auditing firm will be higher in areas such as the financial advisory business, which has been affected by a slump in merger and acquisition activity, the newspaper said.
EY US to slash 5% of its workforce days after nixing split
The decision was taken after assessing the impact of current economic conditions, strong employee retention rates and "overcapacity" in parts of the company, EY U.S. said.
How are Oscar winners chosen, and how does the Oscar voting process work? Here are all the answers
The Academy of Motion Picture Arts and Sciences boasts some 10,000-plus members, divided among 17 branches. All academy members have to be involved in the movie business in some capacity, but membership isn't restricted to creatives - there are branches for executives and marketing and public relations professionals, as well.
Businesses need to be aware of rules for modern FTAs: PricewaterhouseCoopers
It also said in a report that anticipating the impact of the upcoming FTAs on the supply chains can help businesses review sourcing strategies to design resilient supply chains. India has inked trade pacts with the UAE, Australia and Mauritius recently, and is in talks with the UK, EU, Canada and Israel.
China urges state cos to drop big four auditors on data risk
China's Ministry of Finance is among government entities that gave window guidance to some state-owned enterprises as recently as last month, urging them to let contracts with the Big Four auditing firms expire, according to people familiar with the matter.
DRI issues show cause notice to Samsung India over alleged customs duty evasion
The agency in the notice also asked why a penalty should not be imposed against the senior management of the company. The DRI also issued a show cause notice to PricewaterhouseCoopers Pvt Ltd (PwC) and an associate director, who was questioned during the probe.
5G: The social potential
Different industry sources have varying estimates regarding 5G's overall impact through its use in the future. Hence, it is essential to develop a mechanism to evaluate the quantified impact of each 5G use case on the economy, society and the environment.
India has a big opportunity to be relevant in global supply chains and ESG: PwC chairman Bob Moritz
PwC believes in keeping the audit and advisory business under one roof as they need multiple competencies and capabilities at scale to deliver quality services, said Bob Moritz, the global chairman, PricewaterhouseCoopers International.
Let CSO pilot flight to ESG
That's where the chief sustainability officer (CSO) can make a difference. In this new research, we explore the expanding role of the CSO within the organisation and how these executives increasingly find their opinion valuable in compliance as well as in HR, strategy and even finance.
E&M growth goes OTT
The spending power of the global population is growing arithmetically. But the choices people have among streaming services (and the stated goal of E&M companies to sell them) seem to be growing geometrically.
PwC sets foot in Odisha, promises 10,000 more jobs in India in 5 years
"Between 2006 and 2017, tier-2 and tier-3 cities received five times more investment for retail infrastructure than tier-1 and metro cities," PwC Chairperson Sanjeev Krishan said. "At PwC, our endeavour is aligned with India's USD 5 trillion aspiration," he said
Just getting started
Growth- and late-stage deals comprise around 85% of the total funding. Deals in all stages of funding showed growth in CY21 but growth- and late-stage deals stand out with about 50% growth in deal count and more than 2x growth in average deal ticket size.
IG International appoints PwC for ESG programme incorporation
As a part of the engagement, PwC has diligently evaluated IG International’s operational model to bifurcate the issues that need remedy and the positives that can be adapted as solutions. Some key indicators have been used to highlight the material requirements of the customers and the employees, where priorities have been recognized and ranked as high, medium, and low.
WFH brought reprieve during Covid-19. Now, work-from-office is posing a myriad of questions
The last two years ushered in an unplanned experiment with a different way of working.
Statutory auditors may not get large companies’ non-audit operations
The government is exploring the possibility of joint audit for certain companies as part of the amendments to the Companies Act, for which a Bill is planned to be introduced during the Budget session of Parliament that reconvenes next month, sources told TOI.
PricewaterhouseCoopers' arm PW & Co LLP set-ups office at GIFT City
PW & Co LLP was granted a licence to operate as an ancillary service provider in GIFT City.
Price Waterhouse looking to set up base in GIFT city amid influx of MNCs
The affiliate of PricewaterhouseCoopers is looking to rope in senior executives and partners who will look after the operations from the financial centre near the Gujarat capital of Gandhinagar.
PwC affiliate quits as Carlsberg India auditor, avoids opinion for 2nd year
Denmark's Carlsberg A/S has been locked in a commercial dispute with its joint venture partner in India, Nepal-based Khetan Group, amid an internal probe into the brewer's local practices that sparked a boardroom battle and concerns from its auditor.
Price Waterhouse quits as statutory auditor of GVK Power; cite non-cooperation
The auditors alleged that despite several communications to GVK, the group did not provide them with necessary information.
PwC deferring promotions, increments and bonuses of India employees, partners to take 25% pay cut
PwC India is deferring promotions, increments and bonuses for all its employees in India due to Covid impact.
Price Waterhouse to stop offering any non-audit services to their audit clients regulated by NFRA
This essentially means that no PwC network firm would do consulting for tax advisory to any company they audit.
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