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PCAOB Sanctions China-Based Firm for Stalling Investigation

Tammy Whitehouse | January 14, 2016

With its negotiations over regulatory access to China stalled, the Public Company Accounting Oversight Board has settled a disciplinary order against a Hong Kong audit firm and three employees accused of failing to cooperate with a PCAOB investigation.

The PCAOB has revoked the registration of PKF HK, a firm based in Hong Kong, and censured the firm. The board says PKF and its employees declined to testify for an investigation in connection with the firm’s audits of a China-based company.

In addition to sanctions against the firm, three individuals at the firm have been barred from being associated persons, meaning they may not associate with a public accounting firm that is registered with the PCAOB. It also has the effect, says the PCAOB, of barring them from serving in an accountancy...

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