China hits PwC with six month ban in record penalty over Evergrande audit

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China hits PwC with six month ban in record penalty over Evergrande audit - Business Standard

Quick Summary:

The CSRC said in its statement it had fined PwC Zhong Tian 325 million yuan, close to the total amount of penalties imposed by the regulator on over 50 auditors in the past three years.

The firm said as part of its "accountability and remedial actions", PwC China's territory senior partner Daniel Li had stepped down two months after taking office given his "former responsibilities" as head of the local auditing business.

It, to a certain extent, covered up and even condoned Hengda Real Estate's financial fraud and fraudulent issuance of corporate bonds," said the China Securities Regulatory Commission (CSRC) in a statement.