Praxity member Shinewing has been selected, via public tender, to audit the China Merchants Group 2012 financial statements.
Shinewing’s success was sealed following close collaboration with other Praxity members, Mazars (Hong Kong and Singapore) and William Buck (New Zealand).
Earlier this year, over 40 accounting firms, including Deloittes, PWC, Ernst & Young and KPMG, took part in the People’s Republic of China annual auditor selection process for four central State-owned enterprises.
As well as the China Merchants Group Ltd, firms open for tendering included China Resources (Holdings) Company Ltd, China and China National Travel Service (HK) Group Corporation and the Aluminium Corporation of China.
Investors’ representative, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), allowed each firm to bid for one client and Shinewing opted for China Merchants, due to it having the largest market capitalisation.
Praxity Chairman, Jos van Huut, comments: “Shinewing’s success resulted from a disciplined approach, management prowess and fast feedback and support from other Praxity members. Our ethos is to support and mentor clients locally and globally and this tender win clearly evidences how we put this theory into practice.”
The world’s largest Alliance of independent accountancy firms was established in 2007 and is amongst the top 10 global accounting associations; Praxity has 60 Participant members, (with 2,500 plus partners) in 87 countries supporting 27,700 staff in 553 offices. Earlier this year, the Alliance out-performed its peers after reporting an 11.8% increase in member revenue for 2011.
For more details visit www.praxity.com