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pwc terminated by multiple agencies: a crisis of trust under the maximum penalty

since pricewaterhousecoopers announced in march this year that evergrande real estate had committed financial fraud, this internationally renowned accounting firm has been caught in an unprecedented crisis of trust. with the official implementation of the maximum penalty imposed on pricewaterhousecoopers by the china securities regulatory commission and the ministry of finance on september 13, a wave of contract terminations followed.

according to statistics, from march 18 to date, at least 60 companies have chosen to end their cooperation with pwc, including heavyweight clients such as a-share listed companies, hong kong-listed companies and fund companies.

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the fund industry reacted particularly strongly to the contract termination storm. on september 14, five fund companies, including huaan, baoying, hui'an, yimi and puyin ansheng, almost simultaneously announced their "breakup" with pwc. prior to this, well-known fund companies such as e fund, tianhong, huatai-pinebridge and southern had also terminated their contracts with pwc.