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PCAOB sanctions Hong Kong firm, U.S. affiliate

Tammy Whitehouse | May 20, 2016

The Public Company Accounting Oversight Board has settled a disciplinary action against a Hong Kong firm and its U.S. affiliate over audit problems involving a U.S.-listed company based in China.

Audit firm AWC in Hong Kong is accused of relying on management representations, ignoring red flags indicating possible fraud, failing to assure its independence, and other violations in connection with 2010, 2011, and 2012 financial statements for a company listed on the NASDAQ. AWC in the United States is accused of violating PCAOB rules and U.S. securities laws by performing prohibited nonaudit services for the entity and assuming engagement team responsibilities when acting as the engagement quality reviewer for the audits. The settled...

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