PwC found $7mn over alleged exam cheating by China and Hong Kong staff

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PwC has been fined $7mn after a US regulator found that more than 1,000 of its audit staff in China and Hong Kong cheated on internal training exams designed to get them up to speed on US standards.

The Public Company Accounting Oversight Board said that PwC staff improperly shared test answers over the course of at least two years up to 2020. Without admitting the allegations, PwC’s Hong Kong firm agreed to pay a $4mn settlement and PwC China agreed to pay $3mn .

“The days of China-based firms evading accountability are over,” said PCAOB chair Erica Williams. “The PCAOB will impose tough sanctions against anyone who violates PCAOB rules and standards, no matter where they are located.”

This is a developing story