Auditors start wielding job axe

The sharp fall in initial public offerings and other businesses has forced many accounting firms in China, including the big four international giants, to start cutting jobs for the first time in many years.

Ernst & Young has laid off 50 to 100 auditors at its Beijing office, a source at the firm said.

There has been a spate of departures from the firm last week. Many of those who have left are manager assistants who are yet to obtain professional qualifications.