PwC China faces six-month business ban, large fine over Evergrande audit, sources say

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Regulators will likely order business suspension for a big part of PricewaterhouseCoopers' auditing unit in mainland China for six months, five sources said.

Chinese regulators will likely order business suspension for a big part of PricewaterhouseCoopers' auditing unit in mainland China for six months, as part of punishment for its work on troubled property developer Evergrande, five sources said.

The six-month ban is expected to focus on PwC Zhong Tian's securities-related business — which would affect the firm's work for clients including listed firms, IPO-bound companies, and investment funds on the mainland, said the sources. "Given this is an ongoing regulatory matter, it would not be appropriate to comment," a PwC spokesperson said in statement.PwC has been under regulatory scrutiny for its role in auditing China Evergrande Group since the troubled property developer was accused in March of a $78-billion fraud. PwC audited Evergrande for almost 14 years until early 2023.

As part of the penalties, PwC would be barred from signing off on certain key documents for clients in mainland China such as results and IPO applications as well as from carrying out other securities-related services, the sources said.

 

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