China Telecom proposes to replace troubled auditor PwC with KPMG for 2024

China Telecom

30/07/2024 11:50

July 30 (Reuters) - China Telecom  0728.HK  said on
Wednesday it was looking to appoint KPMG as its external auditor
for 2024, replacing PricewaterhouseCoopers (PwC) in the middle
of the financial year.
    The proposal comes as several clients leave PwC following a 
probe by Chinese authorities into its role in auditing China
Evergrande Group  3333.HK  after the indebted property developer
was accused of a $78 billion fraud.
    PwC was Evergrande's auditor for almost 14 years until early
2023. 
   China Telecom did not provide any specific reason for the
proposed change of auditors in its exchange filing, but said
there were "no disagreement or outstanding matters" with the
firm.
    
    

 (Reporting by Sameer Manekar in Bengaluru; Editing by Arun
Koyyur)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar;))