Reported 26 days ago
Chinese regulators have imposed a six-month business suspension and a record fine of 441 million yuan on PwC’s auditing unit due to their inadequate audit of China Evergrande Group, marking the severest penalty ever for a Big Four firm in China. This incident raises questions about the influence and role of the Big Four accounting firms—PwC, EY, Deloitte, and KPMG—in China's financial landscape, given that they audit 95.1% of the assets of the country's largest state-owned companies and are pivotal in major IPOs.
Source: YAHOO