This is an automated archive made by the Lemmit Bot.
The original was posted on /r/worldnews by /u/Shina_lu_chan_pooh on 2024-01-14 17:53:35.
US fines PwC $7 million for allowing cheating in audit exams in China
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.cnn.com/2023/12/01/business/us-pcaob-fine-china-accounting-firms-intl-hnk/index.html
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter, which explores what you need to know about the country’s rise and how it impacts the world.
The “overwhelming majority” of those staff ended up working for the firms’ assurance practices, which advise clients on how to make corporate disclosures, resulting in a gross violation of quality control standards, the PCAOB added.
The mainland Chinese arm works in collaboration with its Hong Kong and Macao offices, collectively boasting a headcount of more than 20,000.
PwC’s Hong Kong and mainland Chinese offices responded in identical statements on Friday, saying that after they learned of the cheating, they “investigated these matters promptly and took remedial action.”
“When we do not fully meet the high standards we set for ourselves we take action to learn lessons and commit to do better in the future,” PwC Hong Kong and China said.
On Thursday, the US regulator also penalized a mainland Chinese accounting firm for violations, including issuing a false audit report.
The original article contains 636 words, the summary contains 167 words. Saved 74%. I’m a bot and I’m open source!