- 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.
A pharmaceutical company and its chief executive have agreed to pay $47 million to settle allegations first brought by whistleblowers, that the company paid kickbacks and filed false claims, the Department of Justice said.
Meta, the parent company of Facebook, has been fined nearly 798 million euros (U.S. $841 million) by the European Commission to resolve the agency’s long-running investigation into alleged “abusive practices” by Facebook Marketplace.
“Unreasonably delayed reporting” cost one of two claimants whom will unevenly split a $4 million whistleblower award from the Commodity Futures Trading Commission for providing information that led to a successful enforcement action.
