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.

Why this label

Reuters quoted the CSRC as saying PwC covered up and even condoned Hengda Real Estate's fraud^S2. The CSRC release read confiscates RMB 27.74 million and fines PwC RMB 297 million, RMB 325 million in total, over the 2019 and 2020 audits^S7. The Ministry of Finance imposed RMB 116 million and a six month suspension over the 2018 audit^S8. PwC Zhong Tian accepted that its work fell below its standards^S1 and the network called it unacceptably below standard^S9. The CSRC release read does not contain the condoned wording, which may come from a CSRC answer to reporters that could not be fetched. The quote rests on Reuters.

Current procedural position

Administrative penalties imposed on 13 September 2024^S7S8. PwC Zhong Tian said it would comply^S1. Liquidators' civil suit pending in Hong Kong as of October 2026^S6.

Evidence score: 83 of 100

The score grades how well the record establishes this assessment. It is not a score of PricewaterhouseCoopers. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.

Timeline

1. 13 September 2024CSRC imposes RMB 325 million in confiscation and fines^S7
2. 13 September 2024Ministry of Finance imposes RMB 116 million and a six month suspension^S8
3. 13 September 2024PwC Zhong Tian says it will fully comply^S1
4. 26 August 2026Hong Kong High Court keeps PwC International as a defendant in the liquidators' suit^S6

Related cases

• CSRC and Ministry of Finance v. PricewaterhouseCoopers Zhong Tian LLPChina Securities Regulatory Commission and Ministry of Finance of the People's Republic of China. Regulatory. Not published.Stage: Penalties imposed and accepted by the firm.
  • 13 September 2024 CSRC confiscation and fines of RMB 325 million over the 2019 and 2020 audits^S7
  • 13 September 2024 Ministry of Finance confiscation and fines of RMB 116 million and a six month suspension over the 2018 audit^S8
• Liquidators of China Evergrande Group v. three PwC entities including PwC InternationalHigh Court of the Hong Kong Special Administrative Region. Civil. Not published.Stage: Application by PwC International to be removed as a defendant rejected. Substantive proceedings pending.
  • 26 August 2026 Court rejects PwC International's application to be removed as a defendant, Caixin reported^S6

Responses

• PwC China and PricewaterhouseCoopers Zhong Tian LLP, 13 September 2024: The firm said the individuals reprimanded by the regulators were no longer with PwC and leaders were held to account.^S1
• PwC network, 13 September 2024: The network said it was disappointed by PwC Zhong Tian's audit work of Hengda, which fell unacceptably below its standards.^S9

Revision history

• 25 October 2026 Assessment first published with label Supported.

Have a record that changes this assessment? See corrections and responses.

Sources

1. S2Tier C China hits PwC with six month ban and large fine in record penalty over Evergrande auditReuters, republished by Investing.com. Press report. 13 September 2024.Report by Julie Zhu and Xie Yu quoting the CSRC wording. It replaces a CNN page whose real title could not be read.Link working, checked 25 October 2026
2. 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
3. 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.
4. 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.
5. S9Tier B PwC Network statement on PwC China Evergrande matterPwC International. Company statement. 13 September 2024.The network's own view of the Hengda audit work. It is the company's account.
6. S6Tier C Hong Kong Court Keeps PwC International in Evergrande Liquidators' $8.6 Billion LawsuitCaixin Global. Press report. 27 August 2026.Report by Wang Xiaoqing on the ruling of Wednesday 26 August 2026. It reports allegations in a pending suit, not findings.Link working, checked 25 October 2026

Other claims about PricewaterhouseCoopers

• Supported88
  The Tax Practitioners Board said in January 2023 that PwC breached its obligations under the law and the Code of Professional Conduct over a former partner's disclosure of confidential Treasury information.
  Regulator statement, 23 January 20233 records citedMarket conduct
• Opinion65
  An Australian Senate committee report of June 2023 described PwC's handling of confidential tax consultations as a calculated breach of trust.
  Official report, June 20232 records citedMarket conduct