The auditing firm Pricewaterhouse Coopers (PWC) has resigned from its assignment as auditor for the crisis-stricken Chinese real estate company Country Garden Holdings.
According to Country Garden, which has instead hired the Hong Kong-based Zhonghui Anda CPA as auditor, PWC has been unable to fulfill its commitments regarding the delivery of audited financial documents for 2023 on time.
PWC, on the other hand, claims that the auditing firm has waited until the last minute for documentation to be able to perform its audit of Country Garden's accounts. Among other things, the auditing firm states that it has not received a cash flow forecast, which is necessary to analyze the property developer's liquidity position.
According to reports, Chinese authorities, following the failed audit of the collapsed China Evergrande, have banned PWC in the country for six months. It is unclear whether this has affected the firm's ability to fulfill its commitments towards Country Garden.
