US regulators have hit auditing giant PwC with a $7 million fine after it concluded that a 1,000 of its China and Hong Kong audit staff cheated on internal training exams designed to get them up to speed on US standards, the FT reported.
The Public Company Accounting Oversight Board said PwC staff shared test answers over a two-year period up to 2020, the report went on. PwC’s Hong Kong firm agreed to pay a $4m settlement while PwC China agreed to pay $3m, though neither admitted the allegations.
“The days of China-based firms evading accountability are over,” PCAOB chair Erica Williams said. “The PCAOB will impose tough sanctions against anyone who violates PCAOB rules and standards, no matter where they are located.”
Read the full story: The Financial Times
- By Sean O’Meara
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