PricewaterhouseCoopers

On 13 September 2024 the CSRC imposed RMB 325 million in confiscation and fines on PwC Zhong Tian over its 2019 and 2020 Hengda audits^S7. The Ministry of Finance added RMB 116 million and a six month suspension over the 2018 audit^S8. PwC Zhong Tian said it would comply^S1. Evergrande's liquidators are suing three PwC entities in Hong Kong^S6. In Australia the Tax Practitioners Board banned a former PwC partner on 23 January 2023 and found PwC breached the law and the Code^S3. A Senate committee report of June 2023 called the matter a calculated breach of trust^S4. In August 2025 the government lifted its pause on PwC work^S5.

Also known as: PwC, PricewaterhouseCoopers International Limited, PricewaterhouseCoopers Zhong Tian LLP, PwC China, PwC Australia
Headquarters: United Kingdom
Records from: China, Hong Kong, Australia
Current status: A global network of member firms. Its China member firm PwC Zhong Tian said on 13 September 2024 it would fully comply with Chinese penalties over its Hengda audits^S1. A Hong Kong High Court ruling in August 2026 kept PwC International as a defendant in the Evergrande liquidators' damages suit^S6. In August 2025 Australia lifted its pause on PwC Australia contracts, with an AFP investigation ongoing^S5.

Scope. This record covers PwC member firms in China and Australia and the network's statements. The Evergrande group's own fraud findings sit in evergrande.json and are not repeated here.

Claims assessed

3 claims. Scores grade the evidence for each claim, not the organization.

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
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

Cases and proceedings

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
Tax Practitioners Board and PricewaterhouseCoopers AustraliaTax Practitioners Board. Regulatory. Not published.Stage: Decision issued. Separate AFP investigation ongoing as of August 2025.
- 23 January 2023 Former partner barred for two years and PwC ordered to put conflict processes and training in place^S3
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 on record

PwC China and PricewaterhouseCoopers Zhong Tian LLP, 13 September 2024, on Chinese regulators said in September 2024 that PwC Zhong Tian had to a certain extent cove...
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, on Chinese regulators said in September 2024 that PwC Zhong Tian had to a certain extent cove...
The network said it was disappointed by PwC Zhong Tian's audit work of Hengda, which fell unacceptably below its standards.^S9
PwC Australia, 7 August 2025, on The Tax Practitioners Board said in January 2023 that PwC breached its obligations under t...
Chief executive Kevin Burrowes said the firm was proud of the progress made but had more work to do.^S5

Revision history

25 October 2026 Profile and 3 assessments first published. Records checked to 25 October 2026.

Source records

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
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.
S3Tier A Former PwC partner banned for integrity breachTax Practitioners Board. Regulator press release. 23 January 2023.Supports the ban and the finding that PwC breached the law and the Code. It does not address criminal liability.
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
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.
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.
S5Tier C Govt labelled 'gutless' for lifting ban on PwC contractsThe Canberra Times. Press report. 7 August 2025.Report by Dana Daniel on the Department of Finance decision and the ongoing AFP probe. The Finance report itself was not read.Link working, checked 25 October 2026
S4Tier A PwC: A calculated breach of trustSenate Finance and Public Administration References Committee. Commission report. June 2023.Report landing page with title and chapter headings. The full PDF was not read.Link working, checked 25 October 2026
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