Big Four Accounting Firms in Hong Kong End Austerity Measures

Number crunchers at Hong Kong's Big Four accounting firms are working around the clock to cope with a flood of work after a rise in corporate deals put an end to a year of reduced hours and unpaid leave, reports the South China Morning Post.


According to the newspaper, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers last year asked their personnel to work four-day weeks as the worldwide recession affected their biggest clients. Now the bean counters are working overtime to cope with a flood of work.


"The market bounced back strongly in the fourth quarter last year, and the many initial public offerings and mergers and acquisitions has led to a substantial increase in demand for accountancy services," Paul Chan Mo-po, a legislator who represents the accountancy sector, told the Post.


According to Chan, a bonus payment was necessary as compensation for staff who had supported the no-pay or partly paid leave plan. It was also a needed incentive to reduce staff attrition, as the unpaid leave had led to an exodus of staff to smaller firms.
"The accounting firms have to attract people to stay on as the worst of the crisis is over," he said.



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