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the latest news from the ministry of finance is that since january 2024, the ministry of finance has organized an inspection team to conduct a special inspection on the practice quality of the audit projects of evergrande real estate group co., ltd. of pricewaterhousecoopers zhongtian accounting firm and its guangzhou branch. today, the ministry of finance made an administrative penalty decision on pricewaterhousecoopers.pricewaterhousecoopers was given an administrative penalty of confiscation of illegal gains and a fine totaling 116 million yuan for its illegal activities in relation to evergrande real estate’s 2018 audit project.

according to the administrative penalty decision, in terms of accounting firms, the ministry of finance, in accordance with the certified public accountants law of the people's republic of china, has imposed penalties on pricewaterhousecoopers for illegal acts related to the 2018 audit project of evergrande real estate.the company was given an administrative penalty of confiscating illegal gains and imposing a fine of rmb 116 million. at the same time, pwc was given an administrative penalty of a warning, suspended its business for six months, and closed its guangzhou branch.

in terms of certified public accountants, the ministry of finance, in accordance with the certified public accountants law of the people’s republic of china, has issued a review of the audit reports on the relevant financial statements of evergrande real estate from 2018 to 2020.4 signatory cpastang zhenfeng, wei ze, zhu liwei, cai xiujuan,penalty of revoking the certified public accountant certificateaccording to the relevant management regulations, chen yuntao, wu de'en, pan guowei, chen zhijie, chen junyu, lu yujie, jin ying, etc.seven certified public accountants who participated in the preparation of evergrande real estate’s consolidated financial statements were given administrative penalties of warnings or fines.

regarding the responsibilities of pricewaterhousecoopers hong kong in providing audit services to china evergrande group, the ministry of finance will actively coordinate and cooperate with the hong kong accounting and financial reporting authority to investigate and deal with related illegal acts through the cross-border audit supervision cooperation mechanism.

in the next step, the ministry of finance will continue to increase its financial and accounting supervision efforts, crack down on financial fraud and audit fraud, and provide strong support for maintaining social fairness and justice, regulating market economic order, and promoting high-quality economic development.