PwC Probe Spotlight Shifts to Hong Kong After Record China Fine

The focus of a lengthy probe into PricewaterhouseCoopers LLP’s China business now shifts to Hong Kong after the accounting firm was hit with a record fine in the mainland over its audit of failed developer China Evergrande Group.

Hong Kong’s Accounting and Financial Reporting Council said its review of PwC’s local practice, which is separate from China’s probe, is still “in progress,” according to a statement Friday. An AFRC spokesperson said the watchdog had no further comment.

The review shows that PwC’s troubles in Greater China are far from over after the firm was fined 441 million yuan ...