PwC unit fined in Evergrande accounting fraud
3 months, 1 week ago

PwC unit fined in Evergrande accounting fraud

China Daily  

The New York offices of PricewaterhouseCoopers. Chinese authorities have slapped 441 million yuan in penalties and imposed a six-month business suspension on PwC's auditing unit in the country, after the entity was found to have "covered up and even condoned" fraud at Evergrande Real Estate Group. The China Securities Regulatory Commission said on Friday that PwC Zhong Tian LLP had failed to exercise due diligence in its audit of Evergrande Real Estate Group, the flagship subsidiary of Evergrande Group. Based on China's Securities Law, the commission confiscated the auditing unit's revenue involved in the Evergrande case of 27.74 million yuan and fined it 297 million yuan — totaling about 325 million yuan, which, according to the commission, was a "record-breaking" punishment against auditing firms. CSRC said PwC Zhong Tian had violated multiple audit standards with inaccurate working papers and ineffective on-site inspections, failed to detect Evergrande's fraud and issued unqualified audit reports.

History of this topic

China hands PwC a six-month ban and fine over audit of collapsed developer Evergrande
3 months, 1 week ago
China hands PwC a 6-month ban and fine over audit of the collapsed developer Evergrande
3 months, 1 week ago
PwC China faces 6-month business ban, huge fine over Evergrande audit: Report
4 months ago
China may impose record fine on PwC over Evergrande auditing work
6 months, 3 weeks ago
Accounting companies pay fines for standards violations
1 year ago
PwC resigns as auditor of indebted Chinese real estate firm Evergrande: Report
1 year, 11 months ago

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