China Suspends PwC Over Evergrande Auditing Failures

China's Ministry of Finance has imposed a six-month business suspension on PwC's auditing unit in mainland China due to issues with the auditing of Evergrande. The ministry fined PwC Zhong Tian LLP 116 million yuan, and China's securities regulator confiscated and fined additional sums linked to the case.

China's Ministry of Finance (MOF) has ordered a six-month business suspension for PwC's auditing unit in mainland China due to their auditing practices concerning Evergrande, according to the regulatory body.

In addition to the suspension, the MOF has levied a fine of 116 million yuan ($16 million) on PwC Zhong Tian LLP, the primary registered accounting entity for PwC in China. This move signals increased regulatory scrutiny in China's financial sector.

China's securities regulator revealed in a separate statement that it has confiscated 27.7 million yuan in revenue linked to the Evergrande case and imposed an additional fine of 297 million yuan on the auditing unit.

(With inputs from agencies.)