As you may have heard, the Chinese government has told the Big 4 that they only want homers running their audit firms that are located within the Big C. While you might think that this might be problematic – what with all the troubles over there – the Big 4 obviously saw this coming because not only are they down, they sound like they were waiting for it:
“We will respond positively to the program by ensuring a smooth and successful transformation of the firm from the existing joint venture structure,” KPMG’s Chinese affiliate said in a statement, adding it “welcomes” the directive. Ernst & Young said the new rules are “in line with” its strategy and PwC China said it has been “actively localizing its China practice.”
Nothing but radio silence from Deloitte so far, but you know they chase P. Dubs like an ice cream truck and it doesn't sound like KPMG is as up to speed as everyone else, but what did you expect? It'll be business as usual regardless of who's running things over there.