- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-11-30T19:24:00
The Public Company Accounting Oversight Board (PCAOB) imposed $7 million in total penalties against two affiliates within PwC’s global network under its first enforcement settlements with mainland Chinese and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.
PwC Hong Kong was fined $4 million and PwC China $3 million for failing to detect or prevent employee cheating on mandatory internal training exams, the PCAOB announced Thursday. The penalty against PwC Hong Kong is the largest the regulator has imposed against a China-based firm and the second largest in its history. The $3 million fine matches the third largest.
The PCAOB also fined China-based Shandong Haoxin Certified Public Accountants Co. and four of its associated persons a total of $940,000 for alleged violations of U.S. securities laws and PCAOB rules and standards.
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KPMG Netherlands agreed to pay a record $25 million penalty levied by the U.S. Public Company Accounting Oversight Board for allegedly allowing widespread cheating by employees on internal training exams and misinforming regulators about the misconduct.
Big Four audit firm PwC was assessed a $2.75 million penalty by the Public Company Accounting Oversight Board for failures in its auditor independence processes related to a 2018 engagement.
The Public Company Accounting Oversight Board imposed collective fines totaling $150,000 against three partners at KPMG China for violations of standards related to their audit work at education service provider Tarena International.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
