Chinese authorities have banned the accounting firm PwC for six months and fined it over $56 million for its involvement in the audit of collapsed local property developer Evergrande. The punishment is the heaviest yet for international accounting firms operating in China.
A man walks by the audit firm PricewaterhouseCoopers office, at the Fortune Financial Center in Beijing on Tuesday, Aug. 27, 2024. People walk by the audit firm PricewaterhouseCoopers office at the Fortune Financial Center in Beijing on Aug. 27, 2024. A man walks by the audit firm PricewaterhouseCoopers office, at the Fortune Financial Center in Beijing on Tuesday, Aug. 27, 2024.
A separate regulator, the China Securities Regulatory Commission, also imposed fines and confiscations totaling 325 million yuan on PwC for allegedly failing to perform due diligence in the audit of Evergrande. “It is not representative of what we stand for as a network and there is no room for this at PwC,” he said.
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