Cheating on a test can now cost you millions of dollars—at least, if you're a U.S.-regulated accounting firm. The Public Company Accounting Oversight Board (PCAOB), a U.S. regulator, slapped $7.9 million in fines on three China-based firms and four individuals, accusing them of violating U.S. securities laws and PCAOB rules and standards.
“These are the first enforcement settlements with mainland Chinese and Hong Kong firms since the PCAOB secured historic access to inspect and investigate firms headquartered in China and Hong Kong in 2022,” the U.S. watchdog said in a statement Thursday.
