China Fines PwC $62 Million for Botching Its Work for Evergrande

Published On Sep 13, 2024, 5:01 AM

PricewaterhouseCoopers (PwC) has been suspended from operating in China for six months and fined $62 million due to its involvement in financial irregularities related to China Evergrande Group. Chinese authorities claim PwC had knowledge of significant errors in Evergrande's financial statements from 2018 to 2020 but failed to report them. This incident could damage PwC's reputation and future business prospects in China, leading to stricter regulatory scrutiny of foreign firms operating in the region.