In 20 18, PricewaterhouseCoopers received the largest fine of RMB 4 1 100 million from the US federal court. The reason is that PricewaterhouseCoopers failed to discover the fraud that led to the bankruptcy of one of the largest banks in the United States during the global financial crisis.
Evergrande spent 14 years continuously on PricewaterhouseCoopers, and charged more than 40 million audit fees every year. Many domestic enterprises are also provided with financial audit by PricewaterhouseCoopers, such as Sunac, Shimao, Xincheng, R&F and Country Garden. It's hard to say that PricewaterhouseCoopers didn't help them make false accounts and whitewash statements, but still used healthy financial statements to defraud bank loans, packaging Xu Jiayin as the richest man in China, in exchange for the trust of major financial institutions, so as to obtain loans.
China authorities should check PricewaterhouseCoopers. PwC is not a first-time offender. It did this in the United States on 20 18. However, he was fined by the federal court, but he still went his own way. Such recidivists will only disrupt the whole financial system and bring huge financial risks to financial institutions.
In my opinion, we should not only check whether PricewaterhouseCoopers has made false accounts, but also check whether PricewaterhouseCoopers has participated in espionage activities, leaking core information such as China's corporate data to other countries, and earning higher remuneration. If the above-mentioned behaviors are really discovered by the relevant departments, PricewaterhouseCoopers must refund the audit fees of these enterprises and will be permanently expelled from the China market.