HK to Limit PwC Practice for 6 Months Over Evergrande Audit (1)

(Updates with details.)

Hong Kong’s Accounting and Financial Reporting Council imposes HK$300 million ($38.3 million) fine and six-month practice limitation on PricewaterhouseCoopers, according to a statement.

• Imposes HK$10 million in fines on its two former registered responsible persons over the Evergrande audits
• Imposes an immediate practice limitation prohibiting PwC, for a period of six months, from accepting, performing, or issuing reports in respect of any PIE engagements for new clients
• AFRC has directed PwC to provide periodic updates and reports to the AFRC regarding its remedial actions for a period of twelve months (at intervals of no more than ...