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Chinese authorities are scrutinizing the role of PricewaterhouseCoopers (PwC) in China Evergrande Group's accounting practices following allegations of a $78 billion fraud, according to Bloomberg News and Reuters.
Chinese officials are reportedly in contact with former PwC accountants involved in Evergrande's audit. I Photo: Vlad Yaitskiy Flickr
While no decision has been made on penalizing the auditor, Chinese officials are reportedly in contact with former PwC accountants involved in Evergrande's audit.
The investigation comes after the China Securities Regulatory Commission (CSRC) fined Evergrande and its Chairman for accounting and bond issuance fraud, with penalties totaling billions of yuan.
The probe revealed significant inflation of revenue by Evergrande, raising concerns about the company's financial practices and the role of its auditors.
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