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Accounting firms may axe staff

By Yu Hongyan (chinadaily.com.cn)
Updated: 2008-11-21 17:50

The gloomy economic condition preventing business opportunities for accounting firms may force the once expanding sector to downsize, the National Business Daily reported.

Since entering the Chinese market, Ernst & Young, KPMG, Deloitte, and PricewaterhouseCoopers, known as the Big 4, have been expanding their organizations. By the end of last year, each of the four had hired more than 4,000 employees in China, according to the Chinese Institute of Certified Accountants.

"It used to be the peak season for us at this time of year. But more and more people are sitting idle in the office now" said a clerk from one of the companies.

"A regular project like an annual audit does not take too many hands. It is major projects like initial public offers (IPO) that contribute more to our revenue to support so many staff," said an auditing manager.

However, the global financial turmoil drowned many IPO projects, with the figure falling to 30 in the third quarter, and the total funds raised dropped 86.5 percent year-on-year to $3.12 billion, according to ChinaVenture, an investment research and consulting firm. Worse still, the China Securities Regulatory Commission has slowed its pace in approving new IPOs since September.

"The financial crisis brings forth projects related bankruptcy and liquidity," said an auditing manager. "But a collapsing company would rather pay for local firms than the costly Big 4."

The global capital market, the skyrocketing stock market in China, and the localization of multinational enterprises have boosted the business of the Big 4 in the past few years, with the number of employees increasing every year.

With their campus recruitments hot as usual, there are employees expressing anxiety about the possible layoff, and some say a mass layoff has already begun, though none of the four admitted that.

"The situation is ever-changing," said one employee. "With few projects on hand, excess personnel will be inevitable and a layoff could come at anytime."