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☆ China fines PwC a record $62 million for its role in the Evergrande collapse
▼ + stars: | 2024-09-13 | by ( ) edition.cnn.com time to read: +3 min

Chinese regulators have hit PwC’s auditing unit in mainland China with a six-month business suspension and a record fine of 441 million yuan ($62 million) over the firm’s audit of troubled property developer China Evergrande Group. “PwC has seriously eroded the basis of law and good faith, and damaged investors’ interest,” said the China Securities Regulatory Commission in a statement. PwC Zhong Tian, the registered accounting entity and the main onshore arm of PwC in China, was the country’s top-earning auditor in 2022, according to the latest official data. The ministry also imposed a fine of 116 million yuan ($16 million) on PwC Zhong Tian for its auditing failure of Hengda in 2018, according to an MOF statement. The CSRC said in a separate statement that it had confiscated PwC Zhong Tian’s revenue involved in the Evergrande case totalling 27.7 million yuan and fined the unit 297 million yuan.

Persons: Zhong Tian, “ PwC, ”, PwC Zhong, Daniel Li, Hemione Hudson, CSRC, PwC Organizations: China Evergrande Group, Big, —, China Securities Regulatory Commission, China’s Ministry of Finance, Bank of China Locations: China, PwC, Hong Kong, New York

The CEOs' expectation of economic decline has dropped to 45% from a record-high 73% last year, and fewer saw their company as highly exposed to the risk of geopolitical conflict, according to the PwC Global CEO Survey. Political Cartoons View All 253 ImagesThe executives, meanwhile, felt worse about the prospects for their companies' ability to weather big changes. Similar to AI, the PwC survey shows that the climate transition is both an opportunity and a risk. An increasing number of CEOs — nearly a third — say climate change was expected to shift how they do things over the next three years. The PwC survey of 4,702 CEOs in 105 countries and territories was conducted from Oct. 2 to Nov. 10.

Persons: Yemen’s Houthi, ” Bob Moritz, ” PwC, Edelman, Richard Edelman, —, ___ Masha Macpherson, David Keyton Organizations: —, PwC, PwC Global, Survey, Bank, PricewaterhouseCoopers, Associated Press Locations: Davos, Switzerland, Ukraine, Red

☆ US PCAOB fines PwC in China for allowing cheating on audit exams
▼ + stars: | 2023-12-01 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A US regulator has hit the China arm of prestigious “Big Four” firm PwC with a $7 million fine. In its announcement, the PCAOB said the practice was widespread, involving more than 1,000 employees from PwC Hong Kong, and hundreds more from PwC China. It fined PwC $7 million in total, with its entities in Hong Kong and mainland China ordered to pay $4 million and $3 million, respectively. The mainland Chinese arm works in collaboration with its Hong Kong and Macao offices, collectively boasting a headcount of more than 20,000. On Thursday, the US regulator also penalized a mainland Chinese accounting firm for violations, including issuing a false audit report.

Persons: “, Erica Y, Williams, ” PwC, ”, Shandong Haoxin Organizations: Hong Kong CNN, US Public Company, PwC, US, Shandong Haoxin Locations: Hong Kong, China, Macao, Shandong Haoxin, Shandong

☆ UK wages next year will be at their lowest level since 2006, report says
▼ + stars: | 2022-12-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

The report confirms that wages have stagnated in Britain even as inflation hits double digits, sparking the worst cost-of-living crisis in decades. That’s led to widespread strikes across the UK economy, encompassing railways, schools, nurses, hospitals and the postal service. “Despite a contracting economy, the UK remains an attractive destination for workers,” PwC economist Jake Finney said in a statement. “The rise in inactivity poses serious challenges to the UK economy. PwC’s Kupelian added that UK inflation likely peaked in October and “will gradually begin to return to target over the next two years.”

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