Dozens of PwC China partners resign after Evergrande audit ban

Dozens of partners at PwC China have stepped down following a six-month ban related to the firm's audit of Evergrande. Recent disclosures show 66 partners are no longer with the firm, marking a 20% reduction in its partner ranks. This decline is the largest in five years and comes after PwC was fined over $60 million for fraud-related issues. The firm has lost significant clients, particularly in the state-owned and finance sectors, as regulations prevent these entities from hiring fined auditors. Several former partners have moved to competitors like EY and RSM. PwC China has seen a substantial drop in revenue from mainland-listed clients, losing about two-thirds in early 2024.