Big Four Auditors Welcome China’s Rule to Localize Firms
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Three of the biggest global auditing firms said a new directive from China to put locally licensed accountants in charge of operations fits with their strategies as the country shifts to an international business model.
Chief partners in the world’s second-largest economy must within three years be locally certified Chinese citizens, a requirement that none of the so-called Big Four auditors meets, the Ministry of Finance said yesterday. Affiliates of Ernst & Young Global Ltd., KPMG International Cooperative and PwC International Ltd. said they support the move.