China's Ministry of Finance on Friday imposed an administrative penalty of 116 million yuan (about 16.35 million U.S. dollars) and a six-month business suspension on PricewaterhouseCoopers (PwC), a global accounting firm, over its illegal auditing activities for property developer Evergrande Real Estate Group in 2018.
The penalties imposed by the ministry in accordance with the Law of the People's Republic of China on Certified Public Accountants, also include the confiscation of illegal gains and revocation of PwC's Guangzhou branch, and an administrative warning.
The Ministry of Finance has organized a special working team to conduct inspections on the practice quality of the Evergrande Group audit projects by PwC Zhong Tian LLP, the registered accounting entity and the main onshore arm of PwC in China, and its Guangzhou branch since January this year.
Regarding the responsibilities of PwC Hong Kong in providing audit services to Evergrande Group, the Ministry of Finance will actively coordinate and cooperate with the Hong Kong Accounting and Financial Reporting Council to investigate and deal with related illegal acts through the cross-border audit supervision cooperation mechanism.
Meanwhile, the China Securities Regulatory Commission on Friday announced an administrative penalty on PwC for failing to live up to its obligations in auditing annual reports and bond issuance of the Evergrande Group.
The commission announced the confiscation of PwC's revenue of 27.74 million yuan related to the Evergrande audit case and a fine of 297 million yuan, bringing the total to 325 million yuan.
China imposes fines, six-month ban on PwC over Evergrande illegal auditing work
China imposes fines, six-month ban on PwC over Evergrande illegal auditing work
Bakers in San Francisco's Chinatown have been adding some new twists to traditional Chinese mooncakes to celebrate the Mid-Autumn Festival, which falls on Sept 17 this year.
The Mid-Autumn Festival is a traditional Chinese festival celebrated on the night when the moon reaches its fullest and brightest on the 15th day of the eighth month on the lunar calendar. Sharing mooncakes, a classic Chinese baked pastry that symbolizes family reunions during the harvest season, with loved ones is an important part of the festival celebrations.
The iCake Bakery in the heart of the city's Chinatown is especially busy at this time of year. This year, the bakery owner Hannah Zhang invited Judy Lee, the vice president of the San Francisco Chinese Chamber of Commerce, to make mooncakes.
"So we have here a black sesame filling. It's one of the most unique flavors we have at iCafe. And now we're going to put in an egg yolk," said Lee, translating for Zhang.
Just around the corner at the AA Cafe, owner Henry Chen has also been experimenting with some new twists on the classic treat.
"We have a lot of different [flavors], like the date, melon, pineapple, strawberry, mango and seasoned nuts," said Chen.
Visitors to San Francisco's Chinatown can find all sorts of mooncakes, especially in the months leading up to the Mid-Autumn Festival. Whether it is a traditional or modern variety, it is a way to connect with a tradition that stretches back more than a thousand years and to remind people what the historic Chinatown community has to offer.
"In the spirit of the Moon Festival, it gives us another reason to gather with our friends and family to attract people who've never been to San Francisco's Chinatown and see why there's so much preservation here. It is the oldest Chinatown in the nation still," said Lee.
Bakers in San Francisco offer new treats for mooncake lovers for Mid-Autumn Festival
