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Evergrande Audit Fallout: PwC Reportedly Cuts Partner Compensation
PricewaterhouseCoopers (PwC) informed retired partners that proceeds from the 2022 sale of a business unit, which had originally been earmarked for distribution to partners at the ...
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Evergrande Audit Fallout: PwC Reportedly Cuts Partner Compensation
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PricewaterhouseCoopers (PwC) informed retired partners that proceeds from the 2022 sale of a business unit, which had originally been earmarked for distribution to partners at the time, will now be retained for the firm’s “operations and investments”, Financial Times reported, citing an email it obtained.

Partners in Hong Kong are expected to collectively lose compensation amounting to hundreds of thousands of US dollars, after PwC was hit with a record fine over audit failures related to China Evergrande.

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The policy change will purportedly affect certain current and former partners. Weeks earlier, PwC had agreed to pay a total of HKD1.3 billion (USD166 million) in fines and compensation for failing to detect fraud that led to Evergrande’s collapse.

Hong Kong partners had previously been promised a share of the proceeds from PwC’s USD2.2 billion sale of its global mobility business in 2022 to US private equity firm Clayton Dubilier & Rice.

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