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pwc's "dismissal wave" is still spreading, and more and more products under fund companies have terminated their contracts with pwc. this time it is the "no. 1 public fund company" e fund.

e fund management announced on september 5 that it has changed the accounting firm of e fund henggu 18-month closed-end bond fund. the accounting firm before the change was pricewaterhousecoopers zhongtian certified public accountants llp (hereinafter referred to as "pwc"), and after the change, it is ernst & young huaming certified public accountants llp (hereinafter referred to as "ernst & young huaming").

pwc loses another order

regarding the above changes, e fund management said: it has been reviewed and approved by the board of directors of e fund management co., ltd. and has been notified to the fund custodian in accordance with relevant regulations and the fund contract.

source: e fund official website

since june, fund companies have terminated their contracts with pwc. hongtu innovation fund announced on june 29 that more than 20 funds under the company terminated their contracts with pwc and replaced them with ernst & young huaming.

several leading public fund companies were also among those who terminated their contracts in this round. on august 6, csop asset management changed the accounting firm of more than 50 of its funds from pricewaterhousecoopers to ernst & young hua ming. on august 30, southern fund announced that it would change the accounting firm of southern jingqi chuhui 3-month holding period fof and southern hengze 18-month closed-end bond fund from pricewaterhousecoopers to deloitte huayong. on august 31, huatai-pinebridge fund announced that the accounting firm of its huatai-pinebridge industry select hybrid and huatai-pinebridge hang seng hong kong stock connect high dividend low volatility etfs would be changed from pricewaterhousecoopers to ernst & young hua ming.

on september 2, yinhua fund announced that after the company's board of directors reviewed and approved, yinhua csi r&d innovation 100 etf and other products changed their accounting firms from pricewaterhousecoopers to ernst & young hua ming. on the same day, tianhong fund and hengyue fund also announced that their related fund products had changed their accounting firms from pricewaterhousecoopers to ernst & young hua ming.

the “wave of layoffs” spreads

in addition to public funds, financial institutions such as banks and insurance companies as well as listed companies have recently announced the appointment of other external auditing agencies to replace pwc.

fuyao glass recently announced that it plans to change its accounting firm. the original accounting firms were pricewaterhousecoopers and pricewaterhousecoopers, and the accounting firms to be hired are ernst & young hua ming and ernst & young.

china minsheng bank also recently announced that based on the principle of prudence, the company plans to dismiss pricewaterhousecoopers as the company's 2024 audit accounting firm.

pwc is one of the "big four accounting firms in the world" along with deloitte, kpmg, and ey. according to wind statistics, based on the data disclosed in the 2024 interim report, as of the end of june, 5,440 of the 12,120 funds in the market were audited by pwc, accounting for about 45%.

however, pwc is in deep crisis due to its involvement in "evergrande fraud". in may this year, the china securities regulatory commission imposed severe penalties on evergrande real estate for fraudulent bond issuance and illegal information disclosure, and also launched an investigation into related intermediary institutions. pwc has served as evergrande's auditing agency for 14 consecutive years, and the company may face severe penalties.