UK accounting giant PwC faces six-month China ban

Published On Sep 13, 2024, 6:53 AM

PwC's Chinese auditing branch has been banned from operating in China for six months and fined over $62 million due to its failure in the audit of Evergrande, a major Chinese real estate firm that collapsed in January under heavy debt. Chinese authorities found that PwC had helped obscure significant fraud within Evergrande's financial records. PwC acknowledged that their audit standards were not met and took measures including firing several senior partners and implementing new leadership to restore credibility.