Reanda International Network takes aim at the ‘Big 4′
The world’s “Big 4″ accounting firms had better watch out. Pledging to break their stranglehold on the global market, the Reanda International Network held its membership signing ceremony in Hong Kong Wednesday.
“Though Chinese enterprises are gearing up to seek investment opportunities around the world, it is still difficult for them to find professional Chinese accounting service assisting their businesses abroad – until the launch of our network,” Huang Jinhui, managing partner of Reanda International, said at a press conference.
Currently, the “Big 4″ international accounting firms – PricewaterhouseCoopers (PwC), Deloitte Touche Tohmatsu, Ernst & Young (EY), and KPMG – handle the vast majority of audits for publicly-traded global companies.
Nevertheless, Huang believes that Reanda International has room to grow and eventually challenge the “Big 4″. Formed through the mainland-licensed accounting firm Reanda CPA and with headquarters in Beijing and Hong Kong, Reanda International initially hopes to win over some of China’s large state-owned enterprises.
“Since overseas business involves many confidentiality issues, Chinese accounting firms with an international presence are more likely to be accepted by our own Chinese enterprises, particularly in their overseas acquisitions,” Huang said.
Both the Central Government and the China Institute of Professional Accountants (CICPA) have long encouraged local accounting firms to “grow big and strong”, as well as “go international.”
Huang believes that the formation of the Reanda accounting network is in line with CICPA’s aims as well as the mainland’s long-term development and globalization plans.
The establishment of the Reanda International Network, according to Huang, not only signals the entry of the first Chinese branded international CPA firm network into the global marketplace, but provides a platform for other CPA organizations to enter the Chinese mainland market.
“Apart from assisting Chinese enterprises in conducting international business, we will also provide an essential springboard to foreign enterprises to help them to plan their investments in China,” he said.
The accounting network launched Wednesday currently has seven member firms from the Chinese mainland, Hong Kong, Macao, Japan, Singapore, Malaysia and Cambodia.
China Daily
(HK Edition 09/16/2010 page3)
http://www.chinadaily.com.cn/hkedition/2010-09/16/content_11309141.htm