The punishment is the heaviest yet for international accounting firms operating in China. PwC will be banned from signing off on any financial results in the country for six months. Already, it has been losing clients.
China’s Ministry of Finance said in a statement Friday that it was imposing 116 million yuan ($16.35 million) in fines and confiscation of illegal gains on PwC Zhongtian, also known as PwC China, as well as a six-month business suspension, revocation of PwC’s Guangzhou branch and an administrative warning.
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