The localization of the Big Four in China is turning out to be a sham. I predicted that would be the case.
KPMG’s localization plan was approved by MOF last Friday. The other firms are expected to have their plans approved shortly.
It turns out KPMG claims to have only 25 partners, of which 15 are locally qualified, allowing KPMG to just meet the 60% localization test. That is a joke. KPMG claims on its website to have 9,000 staff in China. It has hundreds of partners, who are apparently now going by some other title.