Chinese regulators have fined PwC China $62 million and banned the firm for six months for its audit failures of Evergrande, a collapsed property developer. PwC China allegedly approved Evergrande’s accounts despite inflated revenues of nearly $80 billion from 2018 to 2020. The finance ministry stated PwC had “severe flaws” in its auditing process and “lost its independence.” PwC has since fired several partners and staff involved in the audit. This is China’s toughest action yet against a major global accounting firm.