Embarrassment for E&Y in China loans report

Embarrassment for E&Y in China loans report

Firm cannot verify data in report

Big Four firm Ernst & Young has suffered acute embarrassment in China
after it admitted a report it issued on the country’s bad loans was ‘factually
erroneous’.

The much-anticipated report, which had to be withdrawn, wrongly estimated
Chinese bad loans at more than $900bn (£478bn).

China’s Central Bank called the report ‘ridiculous’.

The country’s banking regulator put China’s bad loans at $164bn (£87bn), only
one fifth of the estimate given by Ernst & Young.

Ernst & Young said in a statement to Reuters that it would do its best to
avoid any repeat of the errors.

Related Articles

CogitalGroup announces acquisition of Wilkins Kennedy

Accounting Firms CogitalGroup announces acquisition of Wilkins Kennedy

2w Emma Smith, Managing Editor
Blick Rothenberg acquires Westleton Drake

Accounting Firms Blick Rothenberg acquires Westleton Drake

3w Emma Smith, Managing Editor
IR35 in 2018: what do accountants need to know?

Accounting Firms IR35 in 2018: what do accountants need to know?

3w SJD Accountancy | Sponsored
Top 50+50 UK Accountancy Firms 2018 – entries now open!

Accounting Firms Top 50+50 UK Accountancy Firms 2018 – entries now open!

3w Emma Smith, Managing Editor
It’s not just the potential of women at stake, it’s the potential of accountancy

Accounting Firms It’s not just the potential of women at stake, it’s the potential of accountancy

1m Jean Stephens, RSM International
PwC to net £50m from Carillion insolvency

Accounting Firms PwC to net £50m from Carillion insolvency

2m Alia Shoaib, Reporter
Mercer & Hole makes two new appointments

Accounting Firms Mercer & Hole makes two new appointments

2m Emma Smith, Managing Editor
Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

2m Karen Baxter, Lewis Silkin