U.S. Fines PwC $7 Million For Audit Exams Cheating In China

By The Financial District
Dec 4, 2023
1 min read

A US regulator has imposed a $7 million fine on the China arm of the prestigious "Big Four" firm PwC, as reported by Michelle Toh for CNN.

The cheating practice involved over 1,000 employees from PwC Hong Kong and hundreds more from PwC China, making it a significant violation. I Photo: Images George Rex Flickr

PwC China failed to detect or prevent widespread cheating by its staff during internal training exams in mainland China and Hong Kong, according to the US Public Company Accounting Oversight Board (PCAOB).

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The penalties, one of the highest ever imposed by PCAOB, are the first enforced against Chinese companies since a 2022 agreement allowing US regulators to inspect and investigate firms in mainland China and Hong Kong.

The cheating practice involved over 1,000 employees from PwC Hong Kong and hundreds more from PwC China, making it a significant violation.

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