BusinessPostCorner.com
No Result
View All Result
Wednesday, May 28, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

PwC hit with fine and six month China ban over Evergrande audit

September 13, 2024
in Business
Reading Time: 2 mins read
A A
0
PwC hit with fine and six month China ban over Evergrande audit
ShareShareShareShareShare

The Chinese authorities said PwC knew there were “major misstatements” in Evergrande’s financial statements when it audited the firm.

As a result, the Chinese Ministry of Finance has imposed “administrative penalties” and suspended PwC’s business for six months.

In addition, China’s securities regulator has confiscated the revenue PwC earned auditing Evergrande and has also issued a fine.

An investigation by the regulator said PwC had “seriously eroded the basis of law and good faith, and damaged investors’ interest”.

In response to the penalties, PwC said it had taken “a number of accountability and remedial actions”, including the sacking of six partners and the launch of a process to fine responsible team leaders.

An additional five staff have also left, and Hemione Hudson, PwC’s global risk and regulatory leader, has been parachuted in to run the Chinese unit on an interim basis.

PwC admitted the work done on the Evergrande audit had been “well below” standards expected at the firm.

“It is not representative of what we stand for as a network and there is no room for this at PwC,” the firm’s global chair Mohamed Kande said.

“That is why, following a thorough investigation, we ensured that actions were taken to hold those responsible to account.

“I remain confident in the China firm’s partners and staff as we work together to rebuild trust with stakeholders,” he added.

Evergrande, which built property in more than 280 Chinese cities and branched out into other business sectors, teetered, then finally collapsed in January.

The Chinese authorities have accused Evergrande and its founder, Hui Ka Yan, of falsely inflating revenues at the firm to the tune of $78bn (£61.6bn) and imposed fines and bans on him personally as well as the business.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Boiler maker Worcester Bosch set for job losses

Next Post

Americans’ retirement investments are at the mercy of the culture wars

Next Post
Americans’ retirement investments are at the mercy of the culture wars

Americans’ retirement investments are at the mercy of the culture wars

U.S. Banking Groups Urge SEC to Scrap Cyber Disclosure Rule, Citing National Security Risks

U.S. Banking Groups Urge SEC to Scrap Cyber Disclosure Rule, Citing National Security Risks

May 26, 2025
French Court Blocks Pavel Durov’s Travel to Oslo Freedom Forum

French Court Blocks Pavel Durov’s Travel to Oslo Freedom Forum

May 25, 2025
RFK Jr. says COVID vaccines are no longer recommended for healthy children and pregnant women

RFK Jr. says COVID vaccines are no longer recommended for healthy children and pregnant women

May 27, 2025
Tesla tested its robotaxi with Austin employees on a closed-street last week, but city officials and first responders say they’re still waiting for key info ahead of June launch

Tesla tested its robotaxi with Austin employees on a closed-street last week, but city officials and first responders say they’re still waiting for key info ahead of June launch

May 26, 2025
Multi-agent AI systems — how this AI tech stack can power your marketing org

Multi-agent AI systems — how this AI tech stack can power your marketing org

May 27, 2025
10 holiday marketing campaign examples + marketing tips

10 holiday marketing campaign examples + marketing tips

May 26, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Trump’s Approval Ratings Hit 44% as Vance Declares War on Crypto ‘Lawfare’

Trump’s Approval Ratings Hit 44% as Vance Declares War on Crypto ‘Lawfare’

May 28, 2025
Nvidia weathers tariff uncertainty as revenues surge

Nvidia weathers tariff uncertainty as revenues surge

May 28, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!