PwC Fined Yuan 441M for Evergrande Scandal 😱

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PwC Fined Yuan 441M for Evergrande Scandal! 😱 • If you're in finance, you need to hear this! PricewaterhouseCoopers has just been hit with a massive fine over the Evergrande fraud scandal. PricewaterhouseCoopers, or PwC, is facing a staggering 441 million yuan fine. The Ministry of Finance and China Securities Regulatory Commission found PwC guilty of dereliction of duty. They treated vacant land as deliverable property, leading to false audit reports. From 2018 to 2020, PwC audited Evergrande Real Estate, knowingly overlooking material misstatements. They issued inappropriate audit opinions on six major issues, including inflating profits and hiding monetary capital restrictions. The China Securities Regulatory Commission discovered that PwC violated multiple audit standards during their audits of Evergrande's 2019 and 2020 reports. Among the failures- distorted audit work papers, flawed on-site visits, and unreliable document inspections. As a result, PwC has been suspended for six months and their Guangzhou branch penalized. This scandal highlights the importance of diligence and integrity in financial auditing. • Don't forget to like, comment, and subscribe for more updates on major financial news! • • #kennethluk • @kennethluk3153

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