China Suspends PwC's Auditing Unit Over Evergrande Audit

China's Ministry of Finance has suspended PwC's auditing unit in mainland China for six months due to issues related to its audit of Evergrande. The ministry also fined PwC Zhong Tian LLP, with a total penalty of 116 million yuan, along with additional confiscations and fines from China's securities regulator.

China's Ministry of Finance (MOF) has suspended PwC's auditing unit in mainland China for six months due to discrepancies in the audit of Evergrande, the regulatory agency announced on Friday.

The ministry levied a fine amounting to 116 million yuan ($16 million) against PwC Zhong Tian LLP, the principal onshore division of PwC in China, as indicated in the MOF's official statement. Concurrently, China's securities regulator issued another statement detailing the confiscation of 27.7 million yuan in revenue connected to the Evergrande case and an additional fine of 297 million yuan.

($1 = 7.0942 Chinese yuan renminbi) (Report by Beijing newsroom; Edited by Mark Potter)