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PwC Fined $7mn for Exam Cheating

PwC Fined $7mn for Exam Cheating

by Starling Insights

Starling Insights Editorial Board

Dec 19, 2023

Observations

PCAOB USA China Hong Kong Governance, Audit & Regulatory Failures Audit Culture & Consequences Culture & Misconduct Culture for Regulators

PwC has been fined $7 million after an investigation by the US Public Company Accounting Oversight Board (PCAOB) revealed that over 1,000 audit staff in China and Hong Kong had cheated on internal training exams focused on US standards.

According to the PCAOB, PwC staff used two unauthorized software applications to share test answers over at least two years up to 2020. PwC's Hong Kong and China branches agreed to settle, with the former paying $4 million and the latter $3 million, without admitting to the allegations. In a joint statement from its Hong Kong and Chinese businesses, PwC said it was "highly regrettable" that staff had shared test answers.

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