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

Reuters · 07/30 10:50

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

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 provide any specific reason for the proposed change of auditors in its exchange filing, but said there were " 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;))

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