China

PwC Counts Cost of China, HK Audit Staff Exam Cheating – FT

 

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

 

Also on AF:

Australia May Axe PwC Audit Contract After Tax Scandal

China Evergrande Auditor PwC Quits Over 2021 Audit Disputes

US Inspections of China Audits Could Take Months, Says PwC

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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