Summary by Moomoo AI
China Telecom announced on 26 March 2024 that it proposed to renew the employment of Pwai Yongdao Central China Accounting Firm (Special General Partnership) and Luo Binghai Yongdao Accounting Firm as external auditors for 2024. The decision was approved at the seventh meeting of the 8th Board of Directors held on the same day and will be submitted for approval at the 2023 Annual General Meeting. PwC has extensive practice experience in the securities business and has not been held to civil liability in related civil litigation for nearly three years. Robing Hum Wing Road is registered in Hong Kong and provides professional services to a wide range of industries. China Telecom said that the renewal of the two accounting firms would not prejudice the legitimate interests of the company, especially its shareholders, and small and medium-sized shareholders. The total cost of services for the audit of the financial statements in 2023 (including internal control audit) is RMB5,900 million, and the audit fee for 2024 will be referenced for estimation.