PwC's China Unit Faces Record Penalty for Evergrande Audit Failures

Chinese regulators to impose a $70 million fine and a six-month business ban on PwC Zhong Tian for its role in the Evergrande collapse.

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.