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in 2023, the global financial market was shaken and pwc encountered many challenges. as a result of the six-month suspension of business, its business scope was reduced and service fees were reduced. as a participant in the audit services of many listed companies, bank of china chose a more cautious strategy in the adjustment. they chose to hire a new external auditor and reduced the intensity of cooperation with pwc.

in 2024, bank of china once again launched a tender to find a new audit partner. although pwc still exists, its business scope and service model are undergoing major changes.

behind this is the action of the regulatory authorities. the ministry of finance and the china securities regulatory commission issued severe punishment decisions. in response to pwc's illegal behavior in the 2018 audit project of evergrande real estate, the ministry of finance confiscated the illegal gains and imposed a fine of 116 million yuan, issued a warning, suspended business for 6 months, and revoked pwc's guangzhou branch. at the same time, the ministry of finance also imposed administrative penalties on the certified public accountants who participated in the preparation of evergrande real estate's consolidated financial statements and revoked their certified public accountant certificates.

from pwc's situation, we can see that the audit industry faces huge risks and needs to face challenges and changes.

note: this article aims to analyze the background and current situation of the incident and explore related issues, rather than provide investment advice or predict future development trends.