China imposes six month suspension and fine on PwC following Evergrande controversy
China over the auditing of Evergrande, state media reported. Additionally, a fine of 116 million yuan has also been imposed on the audit firm by Chinese government.
PwC has been in focus over its role in auditing China Evergrande Group which was accused of a $78 billion fraud, triggering a client exodus, cost cuts and layoffs.
In the most recent case of a Big Four auditor being hit with hefty penalties, Deloitte's Beijing branch in March last year was fined 211.9 million yuan and the branch's operations were suspended for three months after serious deficiencies were found in its audit of China Huarong Asset Management.
PwC has been under regulatory scrutiny for its role in auditing China Evergrande Group since the developer was accused in March of a $78-billion fraud. PwC audited Evergrande for almost 14 years until early 2023.
In the past few months, at least 50 Chinese firms, many of which are state-owned enterprises or financial institutions, have either dropped PwC as their auditor or cancelled plans to hire the firm, according to stock exchange filings reviewed by Reuters.
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