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Search resuls for: "Hemione Hudson"


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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
Chinese regulators on Friday 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 (CSRC) 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 cost is enormous in reputation, affecting the ability to get new business in China beyond the fine. PwC also deliberately excluded properties that Evergrande marked as "not allowed to visit" from audit samples, it added.
Persons: Zhong Tian, PwC, Gary Ng, PwC Zhong Tian, PwC Zhong, Daniel Li, Hemione Hudson, CSRC Organizations: China Evergrande Group, Big, China Securities Regulatory Commission, China's Ministry of Finance Locations: China, PwC, Asia, Pacific, Guangzhou, Hong Kong, New York
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