By Maria L. Murphy2024-01-31T13:32:00
In November, the Public Company Accounting Oversight Board announced penalties for violations of U.S. securities laws and PCAOB rules and standards under its first enforcement settlements with mainland China and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.
Two affiliates within PwC’s global network, PwC Hong Kong and PwC China, were fined $4 million and $3 million, respectively, for allegedly failing to detect or prevent their employees’ cheating on mandatory internal training exams. The penalties were the largest imposed against a China-based firm and the second and third largest imposed in the PCAOB’s history.
These penalties were historic because of the location of the firms and the monetary totals. But these kinds of deficiencies are not new.
2024-09-16T19:45:00Z By Aaron Nicodemus
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
2024-05-14T15:30:00Z By Kyle Brasseur
The Public Company Accounting Oversight Board adopted two new standards that address key audit areas upon which it was relying on benchmarks established more than 20 years ago.
2024-03-21T17:50:00Z By Jeff Dale
The Public Company Accounting Oversight Board imposed collective fines totaling $150,000 against three partners at KPMG China for violations of standards related to their audit work at education service provider Tarena International.
2025-10-15T19:16:00Z By Ruth Prickett
Auditors are supposed to keep businesses honest, but how much regulation is the optimum for the auditors – and how onerous and punitive should the enforcement regime be? A new consultation by the U.K. regulator, the Financial Reporting Council, opened on Oct. 1 and has put the vexed question of ...
2025-10-07T20:32:00Z By Jaclyn Jaeger
Emerging technologies, like artificial intelligence (AI) and advanced data analytics, can improve audit quality in significant ways. As the regulatory overseer of public-company audits, the Public Company Accounting Oversight Board (PCAOB) has a critical role to play by ensuring that its audit standards evolve as the audit profession evolves.
2025-07-21T14:13:00Z By Aaron Nicodemus
Continuing a Trump administration practice of firing independent regulators, the head of the Public Accounting Oversight Board has been sent packing.
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