PwC, the global accountancy giant, has been banned in China for six months and fined $62.2 million due to its failure to identify and address severe financial issues within Evergrande. This action follows a crackdown by Chinese regulators on the firm’s work with the property developer, which has become symbolic of the country’s real estate debt crisis.
The US government has recovered over $1.3 billion from wealthy taxpayers since late 2023 as part of a crackdown on tax evasion. This initiative comes after a significant drop in audit rates for millionaires during the previous administration, leading to a shift in the burden of unpaid taxes onto lower-income individuals. The current administration is focused on ensuring that high-income earners pay their fair share.
A scathing audit report by Pakistan’s Auditor General has uncovered widespread financial mismanagement, opaque procurement practices, and unauthorised expenditures within the country’s defence services. The report, spanning over 300 pages, highlights significant issues and calls for immediate reforms and accountability.
The Confederation of African Football (CAF) has announced an investigation into alleged breaches of governance and auditing regulations within its secretariat, following reports of grievances against general secretary Veron Mosengo-Omba. CAF president Patrice Motsepe emphasized a zero-tolerance policy for corruption and violations of internal regulations.
HYBE Corporation, the leading entertainment conglomerate in South Korea, has initiated an audit of ADOR, the subsidiary responsible for the popular girl group NewJeans. HYBE suspects that executives at ADOR, led by CEO Min Hee-Jin, are preparing to separate the label from the conglomerate. ADOR was established in 2021 and Min holds an 18% stake in the company. However, Min has denied the allegations, labelling them as a form of punishment for her criticism of Belift, another HYBE label.
Reports indicate that HYBE has initiated an audit against ADOR, alleging attempts by the latter to become independent. ADOR and its CEO, Min Hee-jin, have denied these claims, asserting the impossibility of seizing management rights due to HYBE’s majority stake.
