Hong Kong’s Audit Regulator Finds No Evidence Supporting Allegations Against PwC

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Claims against the ‘Big Four’ accounting firm include failing to adhere to professional standards in its client relationship with embattled developer Evergrande. Photo: Bloomberg

(Bloomberg) — Hong Kong’s audit regulator said it found no supporting evidence for some of the allegations made against PricewaterhouseCoopers LLP in an anonymous whistleblower letter that circulated on social media in April.

The Accounting and Financial Reporting Council said that it found no support for the claims the firm had failed to establish effective quality controls, failed to adhere to professional standards in its client relationship with China Evergrande Group and failed to assign appropriate personnel to key positions, according to a statement Wednesday.