China Fines PwC Over Evergrande’s Onshore Unit
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 13 2024
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Source: WSJ
PwC Fined for Audit Failures: Chinese authorities imposed a fine of nearly $108 million on PricewaterhouseCoopers for inadequate auditing of Hengda Real Estate, part of the Evergrande Group.
Regulatory Findings: The China Securities Regulatory Commission cited PwC for not properly auditing financial statements that were found to have inflated revenue and profits in 2019 and 2020.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
