CSRC and Ministry of Finance v. PricewaterhouseCoopers Zhong Tian LLP

Decisions and steps

1. 13 September 2024CSRC confiscation and fines of RMB 325 million over the 2019 and 2020 audits^S7
2. 13 September 2024Ministry of Finance confiscation and fines of RMB 116 million and a six month suspension over the 2018 audit^S8

Claims this case bears on

• Supported83
  Chinese regulators said in September 2024 that PwC Zhong Tian had to a certain extent covered up and even condoned Evergrande's financial fraud in its Hengda audits.
  Press report, 13 September 20246 records citedAccounting

Sources

1. S7Tier A 中国证监会依法处罚恒大地产审计机构普华永道China Securities Regulatory Commission. Regulator press release. 13 September 2024.Supports the CSRC amounts and the 2019 and 2020 audits. It does not contain the condoned wording.Link working, checked 25 October 2026
2. S8Tier A 财政部对普华永道作出行政处罚决定Ministry of Finance of the People's Republic of China. Regulator press release. 13 September 2024.Supports the RMB 116 million penalty over the 2018 audit and the six month suspension.
3. S1Tier B Statement of PwC China and PricewaterhouseCoopers Zhong Tian LLP Regarding the Administrative Penalties Announced by the Ministry of Finance of the People's Republic of China and the China Securities Regulatory Commission over the Audits of Hengda Real Estate Group Company LimitedPwC China. Company statement. 13 September 2024.The firm's acceptance of the penalties and its personnel steps. It does not state the penalty amounts or the suspension.