News Centre

Following the press release issued on 19 April 2024 concerning a whistle-blower report circulating in the media alleging deficiencies in PricewaterhouseCoopers’ systems of quality management and the quality of the audits of China Evergrande Group, the Accounting and Reporting Council (AFRC) conducted a rigorous review of the internal investigation carried out by PricewaterhouseCoopers.

The AFRC has now concluded the review.  The evidence gathered during our review process does not support the three allegations regarding PricewaterhouseCoopers’ quality management systems.

The AFRC has made this announcement in the light of the gravity of the public allegations, the potential impact on public confidence in the integrity of the accounting profession and the public interest involved.  We are committed to upholding public trust in the auditing profession and will not hesitate in taking all necessary actions promptly to address any public concerns.

We also urge the public to report any complaint or whistle-blower allegation directly to the AFRC through our official channels.  This would allow the AFRC to investigate an issue thoroughly, effectively and confidentially, thereby maintaining the fairness and integrity of the investigation process while protecting the public interest at the same time.

For details, please click here.