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China Imposes Fines, Six-Month Ban on PwC Over Evergrande Illegal Auditing Work


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  China's Ministry of Finance on Friday imposed an administrative penalty of 116 million yuan (about 16.35 million U.S. dollars) and a six-month business suspension on PricewaterhouseCoopers (PwC).

China's Ministry of Finance has imposed fines and a six-month ban on PricewaterhouseCoopers (PwC) for its involvement in the illegal auditing work related to China Evergrande Group. The penalties include a fine of 2.1 million yuan ($300,000) and the suspension of PwC's operations in Beijing for six months. This action stems from PwC's auditing of Evergrande's 2021 financial statements, which were found to have violated Chinese auditing standards and regulations. The Ministry of Finance criticized PwC for failing to adhere to professional ethics and for not properly assessing the risks associated with Evergrande's financial situation. This crackdown reflects China's broader efforts to tighten oversight and regulation of the auditing and accounting sectors amid ongoing concerns about financial stability and corporate governance.

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