The Chinese authorities have suspended PwC Zhong Tian LLP for six months and have imposed of 441 million yuan (US$62 million) over the firm’s audit of the failed property developer, China Evergrande Group. PwC Zhong Tian is a branch of one of the Big Four accounting and auditing firms operating in China. Investigations revealed that the auditors turned a blind eye to and even condoned Evergrande’s US$78 billion fraud during the 2019 and 2020 audit of the accounts of the developer. According to the regulators, ‘PwC’s behaviour goes beyond mere auditing failure. It, to a certain extent, covered up and even condoned the developer’s fraudulent issue of corporate bonds’. China’s Ministry of Finance stated that the auditors were aware of material misstatements in the financial statements of the developer for the years 2018 to 2020 but failed to point them out, and even issued false audit reports.