Quotes
PwC has, to a certain extent, covered up and even condoned Evergrande's financial fraud and fraudulent issuance of corporate bonds,
The cost is enormous in reputation, affecting the ability to get new business in China beyond the fine. In the short run, PwC's market share will decline in China, benefiting the other big three auditing firms,
said Gary Ng, Asia-Pacific senior economist at Natixis After investigation, it was found that PricewaterhouseCoopers and its Guangzhou branch knew that there were major misstatements in Evergrande Real Estate’s financial statements during the audit,
the Ministry declared in a stark statement, reported Times Of India (TOI). Such a severe penalty will have a major impact on the confidence of PwC’s remaining domestic clients,
said Pingyang Gao, an accounting and law professor at HKU Business School PwC has seriously eroded the basis of law and good faith, and damaged investors' interest,
The work performed by PwC Zhong Tian’s Hengda audit team fell well below our high expectations and was completely unacceptable. It is not representative of what we stand for as a network and there is no room for this at PwC.”
Mohamed Kande, PwC global chair, said We are disappointed by PwC Zhong Tian’s (or ‘PwC ZT’) audit work of Hengda, which fell unacceptably below the standards we expect of member firms of the PwC network.”
PwC’s behaviour goes beyond mere auditing failure, they concealed or even condoned the financial fraud and fraudulent issuance of corporate bonds of Hengda Real Estate,
said China’s securities regulator in a separate statement