Hong Kong Regulator Starts Probe of China Evergrande Accounting

Hong Kong regulators started a probe into struggling <-bsp-bb-link state="{"bbHref":"bbg://securities/3333%20HK%20Equity","_id":"0000017c-8378-d3ae-a3fd-8f793a090000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">China Evergrande Group’s financial reports for 2020 and 2021 in an investigation that will also look at work done by <-bsp-bb-link state="{"bbHref":"bbg://securities/10182Z%20US%20Equity","_id":"0000017c-8378-d3ae-a3fd-8f793a090001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">PricewaterhouseCoopers.

The Financial Reporting Council <-bsp-bb-link state="{"bbDocId":"R10FD8T0G1KX","_id":"0000017c-8378-d3ae-a3fd-8f793a0a0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">initiated an inquiry into Evergrande’s 2020 annual accounts and 2021 interim report, according to an emailed statement on Friday. The Council received a complaint from a member of the public on matters related to the 2020 annual accounts and the 2020 audit.

<-bsp-bb-link state="{"bbDocId":"QU46N8T1UM0W","_id":"0000017c-8378-d3ae-a3fd-8f793a0a0001","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Hong Kong’s Auditor Watchdog Says Major Improvements Are Needed

The watchdog said neither Evergrande nor PwC mentioned any “going concern material uncertainties,” ...