China’s Vice Finance Minister’s Stern Warning to PwC’s Global Chair After Evergrande Audit Fiasco: Uphold Regulations or Face Consequences

China strongly advises PwC's international chair to adhere strictly to laws and guidelines after the Evergrande fiasco. The deputy finance minister of China convened with PwC's top executive in Beijing in the wake of a substantial penalty and halt imposed on the company's domestic branch due to audit shortcomings at Evergrande.

During a meeting with PwC's global chair, Mohamed Kande, on September 19, Deputy Finance Minister Guo Tingting expressed his hope that the Big Four company would rigorously follow Chinese laws and regulations. He also urged the firm to take necessary steps to rectify any errors, as per the statement.

Guo expressed that Beijing is persistently working towards establishing a business environment that aligns with international norms, emphasizing market-oriented and legal aspects. The minister also expressed his desire for PwC to contribute to this evolution and persistently participate in the reform and superior development endeavors in China.

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PwC Zhong Tian was also prohibited from functioning for half a year and its Guangzhou branch, where Evergrande is headquartered, had its registration cancelled.