Chinese regulators have imposed a record fine of 441 million yuan ($62 million) and a six-month business suspension on PwC's auditing unit in mainland China due to its role in auditing the troubled property developer China Evergrande Group. Authorities accused PwC of failing to identify major misstatements in Evergrande's financial statements, leading to the concealment of inflated revenues amounting to $78 billion between 2018 and 2020. PwC has taken accountability measures, including sacking six partners and appointing a new interim leader for its China unit. The penalties are seen as a warning to both domestic and international accounting firms to adopt more rigorous audit practices. This marks the highest penalty imposed on an international accounting firm in China and follows earlier penalties on other Big Four firms. The move underscores Beijing's commitment to tightening financial regulations and ensuring market integrity.