Comments by "May L" (@MeiinUK) on "China’s Largest Audit Firm PwC Faces Mass Layoffs, Client Cancellations, and a 70% Revenue Drop" video.

Go easy means not to rave on about it. It does not mean, do not report them ! There is a BIG difference here ! Or... to approach the individuals whose job and role it is.. about their decisions and why. And not to name and shame them. The truths still need to be told... but it does not mean that you do not tell. You do tell. But you need to find a way which is gentler... and more diplomatic, maybe. That is what they mean. Do not take out a media advert about it... or something... But the finance team that dept or whose responsibilities, it is.. must hear their outcomes.. and let them know how it became the way it became, at least, they can rectify their own mistakes? This is why audits has to happen. And anyway, any CFO can actually call in an actual "random audit" as much as he or she likes. At any one point in time. And never tell the lower subordinates, but only his or her management team only. I don't get what people doesn't get.... This is so odd. Lots of companies do that. "I don't trust your work, so I would call in external consultants to check your level of work... " etc etc. This is common practises in any sectors. It should never have reached this level to begin with at all any way.
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@nfuryboss : I actually just checked. lol.... I am sooo tempted !... I didn't realise that they have advanced so much, and are doing also transfer-pricings too.. I did see it before.. and wasn't sure... at all.... So... I did tried before to get a similar role, abit.. outside of the accountancy area, and the lady said explicitly... "mo lay fun"... (there is no room for you)... she said. lol.... That was enough for me. I doubt that even if I did fill in my actual form.. that I would be put forward any way? So.... I know my place. Since the NSL, a few family friends have also been rejected or asked to leave... So... I don't get what is happening at all ? So.... Plus, many of us who are middle-aged, just want an easy life. Cos we don't want to deal with the junks any more.. and there is chat on the streets that... the government prefers or want new grads to enter the market. So.... there is that too. I don't think I can and want to handle the antagonisms.... I dunno.. It is way too stressful. Imagine.I cannot even get past the recruitment agency, what chances would I get, even if I am experienced? And I have seen actual barebone graduates, that has merely a few years' experiences... entering straight into top level managerial positions.. despite... Well... anyway, it's too... never mind. Cos... we know that the world has gone weird... So... The Enron's financial issues have never been finished and dealt with... either. So.... I don't know if I am doing the right thing, to help it secure itself this way... Cos.. some of the financial sectors.. were not.. .erm.... Complicated.
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@megatron6393 : They should've created another brand and keep their people separately, cos it should not have reached this stage to begin with. So.... This is a funny report because it is not the auditing firm to let regulators know.... I don't get it. This is too confusing.... They're overlapping...
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There are a few ways to do things. You can have internal audits, and external audits. If you are such a large company and have had so many changes, it is then best to have an internal audit section of your company. And you need to keep strong control and checks as well.. regularly... And then, your annual external audits... need to happen. It does cost a company a lot of money, but surely.. since you are a listed company. Can you not afford this? You can afford this !... We are talking millions... so... Many companies never used to be THIS big.. before.. the fact that, China has decided to accept the size of these companies and that they want to hold onto their stock exchanges, then... What must be done, has to be done. Why feel guilty ? If you feel guilty or emotionally warped in these kind of professional work. Then don't do it. Move to another job or sectors. Cos it is what it is ! .... And you don't feel sorry for the other people, whose pension pots are tied to those stocks and shares? That is their life's savings !...
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@Spyderdeztrade : I am not an accountant, but I am an IT consultant, that has specialised in ERP for many many years, and you can call me as a "financial systems' analyst" which is the title that I would get in the West. I also deal with and double checks the financial ledgers, and act as a technical backing support, whenever something goes wrong. As a secondary non-qualified systemic accountant. Maybe qualified to the AAT level. And yes, I have done or checked, technical audits, and have also worked in both government finances, as well as actual accountancy consultancies as well... So... It is expected mostly in the West, to have issues, cos you kind of expects it. This is why the way that you do finance, is structured the way that it is ? Every month-end, and for the USA, every quarterly-ends. It doesn't even matter, if you need to regulatorily uses a quarter-end, but you instil a strong process internally to check monthly, so that you have at least 2 to 3 opportunities yourself, to correct any mistakes. I think with large volumes like China does.. it is even better to have like tiered-upon-tiered checks. Daily, then weekly, and then monthly.. to quarterlies.. so that you catch every single one transactions. In the U K, every single position as an accountancy sector, is and has to be done by a learning and practising accountant as well. So this is not new for us here in the UK. For some reason, the US doesn't have this, but they do have things like a permanent internal audit as well. But only for very mature and older companies that often tries to transition and to pivot into a new areas, and need more hands on deck etc etc etc. So... But most people, if their finance manager thinks that something isn't quite right, it is down to them, to change the team and to double and recheck etc. Otherwise, how can they sign off? The video did say that PWC actually did not sign off their accounts.. it was "advisory" only... so... To me, it comes across like, they didn't have an actual set and strong regulatory practices any way ? So.... and I don't even understand why they do things the way they do... Cos HK used to be an actual financial centre, with investments.. and now, this kind of "state model control" is like... you are removing the actual investment banking areas... So I don't get it. Actually. Cos this isn't how things are run and done in the UK, or in the USA ?.... So... There are public money, as well as private money, and then there are institutional investment banking... which is all separate from the other two. So even if every area is "state-owned enterprises"... then... I don't get it... I don't.
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@Spyderdeztrade : You need to remember that, many of us, used to do the manual double book keeping. As in.. literally doing an actual ledger check. And your peers, can kick you out, even if you cannot do it. A lot of people, or companies here in the UK, do not need you to take on a university degree any more. They expect you to come into the company, and to do the work, slowly but correctly. Even if you have actual manual method, you need to actually do and use the systems as well. They check your mistakes and they check your standards as well. If you failed the check and doesn't past the exams. Then you just stay in the same position, or that certain jon function, you can no longer do. So... the standards here in the UK is extremely high ? So... you need to be able to do something by hand.. even before the computers became a tool to do the same job. Also, you need the same as well... when in reality, you need to be able to know the processes, from end-to-end. It is rare, for anybody inside China.. to be able to know the end-to-end processes, cos you guys have not been exposed to it. (By right, you should not know this, at all. So.... I can see why people hack. But when you hack, you are also breaching security and attacking both yourself, and your clients too. ) I can imagine the number of systemic issues as well.. that goes on inside china. Cos... before, it was open.. and then it was closed off. Even if something has been closed off, from you.. your management, should talk to you guys and have an actual chat as well. As not to let you be stuck in your mind... at all... so... I don't think that they are classified as "auditors", more than they are and should be classified and be called as "Advisory". Advisory, is talking about the build up of possible issues, that is going to grow big.. and those areas, is expected to happen, cos you just pushed out a policy to the country, so you don't expect perfection and smooth running, would you? So this is why it is advisory. However, audit... is to have an external... arm.. somebody that you don't know... check your own work. Cos sometimes, you are inside the company, and you can have corruption between teams and between people. So that is why you would want an external audit. Random or otherwise, to check that team's work. I have had this done to my work too. We were not told... and nobody is allowed to see those individuals. But everybody is on edge, and you can of, sometimes know. It is only often gets told afterwards... So... I still remember my first audited work by Deloitte as well. German guy, he was. Came in, seems like a lot of money. But he did a thorough check. Nothing that we wouldn't have been doing otherwise, by the statutory method in doing things. And then he came with some recommendations in and on small areas. So we followed up on that. Maybe he stated the small section which we needed to know. But... he filtered the correct section for the different tier and layers. As accordingly. Really. I've since then worked for Deloitte too.Not a big deal.
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@venomlords : The thing is, because everything happens so fast for China, mistakes can indeed occur.. which it is expected to be as so and as such too... It is when they joined the WTO that converted into the current model. I don't feel that it is all that fair, to be honest?.... And in a way, China doesn't have to literally use this as a single thing....cos... they are using high level UN level style.. monetary style.. above their own internal developments, and small banks and their so called "shadow banking".. (Which is really, the olden ways to do their own living. Which is absolutely fine?....).... Sigh... The other thing is... when foreign diplomats go into China, they expect absolute perfection. Any body out... is an actual... death penalty or whatever ?.... But at the same time.. they shouldn't use these excuses to take one another out. i.e. prosecute... And also, they shouldn't have excess babies... unwillingly.... Some people still have a concubine systems as well... which is scary. Then there is that white lady, that was taken to a Buddhist country.. she was raped by those people.. and then her baby is deformed. Cos they expected that the land is full of illnesses... and she ended up writing about her ordeal.... She too was a banker. And nobody helped her. That was crazy. She now sits in the top echeolon of monk's structures. Now people worship her like a God. A lot of people still think and assume that they could sell eurasian kids as well... A lot of that went on too. Reselling of babies, cos they know that they would be taken care of by the West. So people deliberately did it as well.. Rather than to let nature take its course...
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Is that what PWC have done ? They licensed their brands out into China? Is this a joke?.... Ooooh..... So this explains it. And why their name inside the PRC has a different title than the old ones that I have seen in HK before.. So... Ooooh..... I just checked. PWC HK does IB ..... ohh... I see.... And they are getting their hands wrapped on this issue. So... Arthur Anderson's was an actual company though. And not an IB... so.... This video is very misleading ! lol... And Deloittes does corporate audits. PWC seems to be doing IB audits... Ohhh.... I just checked their website... It is a lot of jobs going. I didn't realise that they have so many people.. or needed this many people. Then again, everything only have happened in the past 10 to 20 years or so... So... but... and I never could see those positions at all any more, and not from those various other job sites... Wow.. should've moved back to HK when I had the chance !.... Wow...Didn't realise that they have hit so many issues. No wonder people are running away.
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Yeh. They did... cos... well... they didn't have and didn't merge all of their banks, you see.. and maybe joining the WTO... and had the World Bank... and went to those trade deals with other countries.. literally made those individuals... see that, this is an actual serious issue. Maybe ?... So.... cos it is people's pensions and money. So it is not a joke. So... Suing audit firms is a common practise for credit firms. lol...... 😂🤣.... Maybe this is why IBM has also left as well. lol... Seagate had been fined too. lol..... Why suddenly so many had been fined? lol.... I don't get it... It is so weird...
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@megatron6393 : Those managements are fighting against everything. The desires of their employees in wanting a good life.. and working upwards. There is the desire to actually report as accurately.... (Even if by doing so, it meant their life's opportunities, and standards, are going to be hard... cos they will see the economic impacts directly in their own social life. Who would want to do those kind of hard actions? Nobody.).... And then, to revise.. things around... How to also retain your trained and skilled individuals... to carry on and to train their next generation or even next of kin ? Things work well in Western world, cos the father could be the engineer.. even if the child gets bad grade or for whatever reason... he would still be skilled. Cos his father would have passed on some knowledge. So then you have two generation of super well trained individuals.... You see?.... And keeping two generation's of skilled people, inside an organisation is hard. And tough. Never mind the hukuo/hometown registration, and obligation familial piety thing.. As well as.. actually.... meeting demands...
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@stischer47 : But.. every time China visits, you get a percentage of their central bank's money, and they expect a lot of things from you, especially if you don't repay it back. They will own your land. But if USA visits.. every time you earn or get a loan from them... it is nothing but a mere loan. Cos there are SO many rules AND laws.. to stop USA from taking over your entire country. This is the differences between the two. China, could indeed make it bureacratic, so that they don't own your country. This is why, when Chinese diplomats visits. They appear "harsh"... and start to hit at people. Especially the local employees. However, you are using a percentage of money, from an entire 1.2 billion population... This is why, they cannot justify their 1.2 billion to starve.. while they gave a lot of money to you, to use?... So.... but many a diplomats, isn't like those from overseas'... Cos we do everything, and we see you as equal.. Cos even in smaller countries like the UK. We do every single thing ourselves? Like, literally, every single thing... But in large countries, they use more tech to help lift their lives.... This is the difference. This is why you would find angry netizens from coming out of china, I guess.. in a way, I can see why.
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@stischer47 : The thing is, even as an oversea's chinese, I don't agree with this. The harshness of the consolidation of the entire country. And this is whereby you often hear some pratts.. I figured out who they are... That is the Thai-Chinese non-Hans' pratts.. in wanting and needing to monetize something, in the pursuits of what.. exactly ?.... Many people did indeed live off grid and off land. And they were okay. It is often the case of needing to reform for the sake of reform, and then everything is lost or gone... kind of thing. Sigh... I dunno... and then there are the insubordination issues.. like... .. helping a chinese here once they move here into the UK, say. And then these ladies act like they are about to... They basically bump you off... lol.... Despite, your taxes, goes to their school and their pots... but they will feel the need to feel hungary hungry.. and bite a piece of your sodding arm. Despite her.... or her boss telling you that, "we pay our own ways"... Sure.. as heck, you are. Cos it was our taxes, that built the school.. that gave you money and gave you also healthcares as well... so you coming in to open a sodding bank account and a stage, and then retell the tale.. and forget other people's money, their actions, and their wealth generation actions AS well..... !!!! I am sooooooo maaaaaad !!!!!!.... Jealousies is not a good look, I know... but sometimes, you just wanted to say... "Hey... you.... there.... just... ssszzzzup !.....".... Grr.... I once heard another lady batted back. She said.. "yes, yes, yes.. it is aaaall my fault....".... And then she walked off. lol... Maybe I was not raised in those conditions. lol.... And I thought that fighting for affection from your mother against 3 other siblings were tough enough... lol..... Ohhh... I am soo wrong. lol...
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Oh wow.. I did not know that...
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What do you mean? Of course you have to tell the truths. You cannot lie. I don't get the impression that they know what to look for.. or maybe it is a "technically forefront" situation.. such that, they didn't have the skills inhouse? At all ? So.... This is what usually happens.. since, everybody is just "fact finding" for the first time... So....
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It explains the irregularity... cos one is IB and the other one is corporate audits. Just checked on those company's websites. Hm....
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@NashDr : PWC is not owned by BIS. BIS does not own any accountancy firms. You mean that they work together? That makes more sense. Cos one is the "Bank of International Settlements", and then PWC... it is an actual accountancy firm. It is also an actual IT consultancy firm as well. What they do inside the PRC. I am not sure. I can indeed imagine if they were an IB implementor as well... BUT... with any IB areas... This has to be dealt with, with sensitivities ! It isn't like the Asian Development Bank didn't invested into SE Asia.. before... and that, some of those money ended up inside the PRC. So... don't always assume that, all money are actually taken via the likes of BIS !!!...
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I actually find it funny, they fined them cos they filed too early. lol.... Hm... who would do that actually ? .... I dunno... Sigh.... But then again, I keep thinking to myself... the PRC is a 1.2 BILLION existence.. these small details can often be overlooked. Whereas in most companies, you may have one or two people doing such jobs. I presume that inside the PRC, they need at least 5o to 10 people to both verify and to back each other up. It wouldn't look bad even if they did so... To be honest. And even then, at least practise a good 5 to 10 to 20 times before filing.. and actioning. Maybe.
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