In recent months, the Chinese division of PwC has experienced significant changes in its leadership structure and business operations. Over 60 partners have left the firm, a move that comes as PwC grapples with the aftermath of its involvement in the Evergrande scandal. The firm faced severe repercussions, including a record fine and a six-month suspension from operating in China. This period has also seen a decline in PwC's business performance within the Asia-Pacific region, particularly in China. Despite these challenges, PwC remains committed to delivering high-quality services to its clients.

Following the exposure of fraudulent activities at Evergrande, one of China’s largest property developers, PwC found itself at the center of controversy. Regulatory authorities accused the firm of issuing misleading audits that concealed financial irregularities at Evergrande. As a result, PwC was fined approximately $62 million and temporarily lost its license to operate in China. The scandal led to the departure of several key employees and a loss of trust among state-owned enterprises, which subsequently dropped PwC as their auditor.

The restructuring process has been ongoing, with the firm aiming to refocus its efforts on maintaining service quality. According to filings with the Unified Supervision Platform of the Chinese CPA Profession, the number of partners at PwC China decreased by 66 between December and January. While four new partners were registered in December, the overall reduction in senior leadership signifies a strategic shift. A spokesperson for PwC China emphasized that the firm is committed to reshaping its business to better serve its clients.

Despite the setbacks, PwC continues to navigate the challenges posed by the scandal. The firm has acknowledged the gravity of the situation and has taken steps to address the issues. Mohamed Kande, PwC’s global chairman, stressed that the findings of the Evergrande audit do not reflect the firm's commitment to high standards. In response to declining revenues and a 12.7% drop in net income for the Asia-Pacific region, PwC is actively working to regain its footing in the market. The firm remains optimistic about its future prospects and is focused on rebuilding trust and restoring its reputation in the region.