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PwC is preparing to face the music in China over its auditing of collapsed property developer Evergrande.
The Financial Times reports that PwC China has told clients it expects Chinese authorities to hit it with a six-month business ban, which could start as early as next month.
PwC China was the country’s largest accounting firm by revenue in 2022, bringing in Rmb7.9bn ($1.1bn), according to government data.
The ban would prevent PwC China from signing off on financial results and initial public offerings and from conducting other regulated activities, multiple clients told the Financial Times. The firm has assured clients that staff will keep working during the suspension and will be able to certify the audit opinions on their 2024 annual reports once the ban is lifted in March.
