[Introduction] More than 120 funds from two fund companies terminated their contracts with PwC China Fund News reporter Zhang Ling Following Harvest Fund and Ping An Fund, on the evening of November 26, ICBC Credit Suisse Fund and Invesco Great Wall Fund also announced the appoin

[Introduction] More than 120 funds from two fund companies terminated their contracts with PwC

China Fund News reporter Zhang Ling

Following Harvest Fund and Ping An Fund, on the evening of November 26, ICBC Credit Suisse Fund and Invesco Great Wall Fund also released The new accounting firm announced that more than 120 products under the two companies have terminated their contracts with PricewaterhouseCoopers.

126 funds have terminated their contracts with PricewaterhouseCoopers

The announcement shows that since November 25, the accounting firm of 67 funds under ICBC Credit Suisse Funds, including ICBC New Deli Mixed and ICBC New Opportunities Flexible Allocation Mixed, has been appointed by PricewaterhouseCoopers. Dao Zhongtian Accounting Firm (Special General Partnership) was changed to Ernst & Young Hua Ming Accounting LLP (Special General Partnership); the accounting firm of 54 funds including ICBC Pension 2035, ICBC Premium Short-term Bonds, etc. was changed from PricewaterhouseCoopers China Tian Accounting Firm (Special General Partnership) was changed to KPMG Huazhen Accounting LLP (Special General Partnership).

Since November 26, the accounting firms of five funds under Invesco Great Wall Fund, including Invesco Great Wall Hang Seng Consumer ETF Link (qdii), Invesco Great Wall National Securities Robot Industry ETF Link, etc., have been appointed by PricewaterhouseCoopers Zhongtian Accountants The firm (special general partnership) was changed to Rongcheng Accounting Firm (special general partnership).

Both companies stated that the above-mentioned changes have been reviewed and approved by the company's board of directors, and the fund custodian has been notified in accordance with relevant regulations and the fund contract. Wind data shows that after the aforementioned changes, ICBC Credit Suisse Fund currently has no funds that cooperate with PwC.

Many companies terminated their contracts intensively

In September this year, the Ministry of Finance and the China Securities Regulatory Commission imposed administrative penalties on PricewaterhouseCoopers. PricewaterhouseCoopers was suspended from operating business for 6 months, and a total fine of 440 million yuan was confiscated.

Subsequently, many fund companies such as China Asset Management, Harvest Fund, and Manulife Fund successively announced the termination of contracts with PwC, and some companies terminated contracts with all products they cooperated with. Wind data shows that as of November 25, there were a total of 2,708 funds on the market (only the main code is counted, the same below) whose audit institution is PricewaterhouseCoopers, which is a 47% decrease compared with 5,076 funds on September 13.

Industry insiders believe that after being heavily fined by regulatory authorities, institutions have reduced their trust in PwC. After re-evaluating the risks of the audit business, many fund companies have chosen to terminate the contract. It is expected that the subsequent "termination wave" will continue.

According to Tianyancha, after the practice license was revoked in accordance with the law, the operating status of PricewaterhouseCoopers Zhongtian Guangzhou Branch has been changed to cancelled.

editor: Xiaomo

review: Muyu