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Chinese authorities have banned the accounting firm PwC for six months and fined it over 400 million yuan ($56.4 million) over its involvement in the audit of collapsed property developer Evergrande.
Chinese regulators have hit PwC’s auditing unit in mainland China with a six-month business suspension and a record fine of 441 million yuan ($62 million) over the firm’s audit of troubled ...
The fine could go as high as 1 billion yuan ($140 million), Bloomberg reported in May, which would be the largest fine imposed on an auditing firm in China. Regulators are scrutinizing PwC for its ...
Evergrande was incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China. [5] In 2018, Evergrande became the most valuable real estate company in the world, [6] but by 2021 it had collapsed financially and started the Chinese ...
In September 2024, PwC ZhongTian, PwC's auditing business in China, was suspended for six months. China's securities regulator also confiscated the revenue PwC earned from auditing Evergrande and imposed a fine of $62 million.
A separate regulator, the China Securities Regulatory Commission, also imposed fines and confiscations totaling 325 million yuan ($45.8 million) on PwC for allegedly failing to perform due diligence in the audit of Evergrande. China's finance ministry said PwC issued "false audit reports" of Evergrande and that the audit procedures had ...
After scandals in Australia and China this year, PwC has lost business in the Asia-pacific region. On Monday, the Big Four consulting firm reported a 12.7% decline in net income in the region for ...
China Evergrande Group helped trigger China’s real estate crisis just over two years ago. The developer, with more than $300 billion in total liabilities, became the poster-child for debt ...