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US fines PwC $7m for enabling cheating in audit exams in China

Julie DiMauro

3 min read
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PwC affiliates in Hong Kong and China and another Chinese audit firm will pay fines in “first-ever” settlement actions brought by the PCAOB.

On Thursday, the US Public Company Accounting Oversight Board (PCAOB) announced three settled disciplinary orders sanctioning three China-based firms and four individuals for violations of federal securities laws and PCAOB rules and standards. 

The settlements and penalties represent a series of first-ever events for the agency.

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