PwC has lost five Chinese clients in May alone, adding to over a dozen firms it stopped auditing in the last two years. This comes as PwC faces intense scrutiny and a potential record fine of at least 1 billion yuan ($138 million) from Chinese authorities over its auditing role for China Evergrande. Evergrande's main onshore unit has been accused of overstating its revenue by nearly $78 billion in the two years through 2020. The Ministry of Finance in China may announce the penalties this week, which could include halting PwC's operations in the country. Clients are reconsidering PwC's future in China amid leadership changes and potential penalties. The fine could represent almost 15% of PwC's total revenue for the year. The investigation is part of one of the biggest financial fraud probes in history, involving the Big Four firm's audit of Evergrande.
BREAKING 🚨: PricewaterhouseCooper China likely to impose the largest fine in history against an accounting firm of at least $138 million against PwC due to their failure to catch the largest financial fraud in history at Evergrande https://t.co/Wrs7RlwKcR
#PwC has been under the spotlight after #China launched one of the biggest investigations of financial fraud in history involving developer Evergrande. https://t.co/CvDCZ4EdkQ
CHINA WEIGHS RECORD FINE FOR PWC OVER EVERGRANDE AUDITING WORK.-BBG #China MOF may announce the penalties on PwC this week over its auditing work for #Evergrande. PwC faces a fine of at least 1 billion yuan($138 million). https://t.co/SPqkW8YuyD
Ministry of Finance in China is likely going to fine PWC about 1 BILLION yuan for financial fraud in hiding China Evergrande Group real estate losses....which would be almost 15% of its total revenue for the year As part of penalties, operations of PwC could be halted in China…
JUST IN | China weighs record fine for PwC over Evergrande auditing work https://t.co/gXT1YobJzj
CHINA WEIGHS RECORD FINE FOR PWC OVER EVERGRANDE AUDITING WORK.-BBG https://t.co/SPqkW8YuyD
Clients are taking into consideration PwC's uncertain future in China, with a leadership change and potential penalties being imposed by the authorities related to the Big Four firm's audit of the property developer Evergrande https://t.co/BCVSbfxbVz https://t.co/v37kBfUbns
PwC loses five China clients in May after Evergrande-linked probe - Bloomberg https://t.co/uXYlU8k13U
PwC latest client losses underscore the challenges it faces as regulators examine its auditing role for China Evergrande, whose main onshore unit has been accused of overstating its revenue by nearly $78 billion in the two years through 2020. https://t.co/GiVznPtnnj
PwC lost five Chinese clients in May alone, adding to a list of more than a dozen firms it stopped auditing in the country in the last two years, as PwC has come under intense scrutiny after China launched one of the biggest investigations into financial fraud in history on…
PwC lost five Chinese clients in May alone, adding to a list of more than a dozen firms its stopped auditing in the country in the last two years https://t.co/iUDBQar3YI