PwC China has fired six partners it blamed for shoddy audits of fallen property developer Evergrande and demoted its top leader as its global arm sweeps in to help the beleaguered audit practice rebound.
The firm fired another five staff members who worked on the developer’s audit. The Shanghai-based firm also plans to impose financial penalties on audit leaders, PwC Global said in a statement on Friday following a record regulatory penalty imposed by China.
Chinese authorities said that PricewaterhouseCoopers Zhong Tian LLP, the firm’s Chinese arm, failed to identify financial fraud at Evergrande and concealed accounting misstatements, among other ...
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