The China Securities Regulatory Commission imposed a 441 million yuan fine and a six-month suspension on PwC's Chinese unit for its audit of China Evergrande Group (HKG:3333), Reuters reported Sept. 13.
The securities regulator said PwC Zhong Tian turned "a blind eye" on Evergrande's fraud while auditing the 2019 and 2020 annual results of the troubled property developer's subsidiary, Hengda Real Estate, according to the report.
In response, the auditing company said it would address the shortcomings it committed to and strengthen how the company operates moving forward, the report added.
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