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PwC faces regulatory scrutiny in China over its auditing of China Evergrande, accused of overstating revenue by nearly $78 billion. China may fine PwC at least 1 billion yuan and halt its operations for financial fraud. Clients are concerned about PwC's future in China amid potential penalties and leadership changes.
****CHINA WEIGHS RECORD FINE FOR PWC OVER EVERGRANDE AUDITING WORK*** The real culprits here are Xi Jinping and the CCP's idiotic economic policies. When you run a nation prison, stupid is never enough. @PwC just ignored the obvious.
BREAKING 🚨: PricewaterhouseCooper China 🇨🇳 likely to impose the largest fine in history against an accounting firm of at least $138 million against PwC due to their failure to catch the largest financial fraud in history at Evergrande https://t.co/RgiR3mf7aS
China is poised to slap a record fine on PwC and suspend some of its local operations over its role in Evergrande's alleged financial fraud case, per Bloomberg.