Overview

• PwC Zhong Tian will be fined up to $70 million and banned from new business for six months.
• The ban affects PwC's ability to sign off on financial statements and IPOs in mainland China.
• The penalty is the harshest ever imposed on a Big Four accounting firm in China.
• PwC has faced significant client losses and layoffs due to the impending penalties.
• The firm audited Evergrande for nearly 14 years before resigning in early 2023.