China Levies Record Penalty on PwC Over Evergrande Fraud [Yahoo! Finance]
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Source: Yahoo! Finance
(Bloomberg) -- China suspended the operations of PricewaterhouseCoopers LLP for six months and imposed a record fine over lapses in its auditing of China Evergrande Group. Most Read from Bloomberg The accounting firm was fined a total of 441 million yuan ($62 million), according to statements by the Ministry of Finance and the China Securities Regulatory Commission released Friday. The regulator also revoked the license of its Guangzhou branch, the main auditor of Evergrande's inflated financial reports from 2018 to 2020. PwC has been under the spotlight after China launched one of the biggest investigations of financial fraud in history. Authorities said developer Evergrande's main onshore unit Hengda overstated its revenue by 564 billion yuan in the two years through 2020. Separately, Hong Kong's Accounting and Financial Reporting Council said its investigation into PwC's audits of Evergrande in the city is in progress. PricewaterhouseCoopers Zhong Tian LLP, a Shanghai-re
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