PwC's operations in China have been suspended for six months, and it was fined $62 million for its involvement in financial misdeeds of China Evergrande Group.
The Chinese authorities stated that PwC had failed to identify material misstatements in Evergrande's financial statements from 2018 to 2020, leading to an inappropriate audit opinion.
Mohamed Kande, PwC's global chair, remarked that the actions of its auditors in China were 'completely unacceptable' and emphasized the company's commitment to compliance with penalties.
The crackdown on PwC comes amid China's push for stronger financial oversight, highlighting the increasing scrutiny that auditors face in the country.
Collection
[
|
...
]