PwC’s Chinese regulators punished mainland unit with a record penalty on Friday. In response, the Big Four firm stated in a message to staff that it is making “tangible investments” to ensure that it has high-quality and sustainable business in China.
PwC Zhong Tian LLP was fined 441 million yuan ($62 million) and suspended for six months on Friday due to the firm’s audit of China Evergrande Group, a failing real estate developer.
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Since the developer was charged in March with a $78 billion fraud over two years, until 2020, by the country’s securities regulator, PwC’s involvement in Evergrande’s accounting practices has been under investigation by Chinese authorities.
PwC network memo, seen by Reuters, stated late on Friday following the regulatory penalty announcement.”During this time, the PwC network has also consistently supported our China-based company… To guarantee that we have long-term, high-quality, and sustainable business in China, they are investing materially, it said”.
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