PracticeAccounting FirmsEmbarrassment 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The much-anticipated report, which had to be withdrawn, wrongly estimated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.

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