The Chinese government has reportedly instructed state-owned companies to phase out contracts with the big four accounting including KPMG and EY, as authorities try to address security concerns and curb the influence of western-linked auditors. China’s finance ministry is among the government entities that has issued informal guidance last month, urging state-owned corporations to let contracts with Deloitte, KPMG, EY and PwC expire, according to Bloomberg News. They have reportedly been told to use local auditors from China and Hong Kong, as part of efforts to support the local audit…