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 property developer China Evergrande Group.
Delivering a strong rebuke to the Big Four firm, China’s securities regulator said Friday that its investigation found that PwC Zhong Tian LLP helped cover up and “even condone” Evergrande’s fraud while auditing the annual results of the developer’s onshore flagship unit — Hengda Real Estate — in 2019 and 2020.
“PwC has seriously eroded the basis of law and good faith, and damaged investors’ interest,” said the China Securities Regulatory Commission in a statement.
Chinese authorities have
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