CHINA CRACKING DOWN ON WEAK AUDITING OF ACCOUNTING CRIME
October 24th, 2024
Major companies in China are under tightening scrutiny for accounting fraud, with major audit firms facing punishing penalties for turning blind eyes. Keith Nuthall, Jens Kastner and Sara Lewis report.
The Chinese auditing unit of accounting giant PwC has been fined a record Chinese Yuan Renminbi CNY441 million (USD62.7 million) and banned from auditing in mainland China for six months after a regulator concluded it had “covered up and even condoned” fraud.
The China Securities Regulatory Commission (CSRC) fined PwC Zhong Tian LLP CNY297 million ...
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