Chinese Audit Firms Pay $7.9 Million to Settle US Sanctions (2)

The US audit regulator on Thursday announced landmark settlements totaling nearly $8 million with PwC affiliates in China and Hong Kong, along with another Chinese accounting firm.

The settlements were the first under a deal that opened up the work of auditors who vet the income and assets of nearly $1 trillion of Chinese stocks listed in New York.

“The days of China-based firms evading accountability are over,” said Erica Williams, chair of the Public Company Accounting Oversight Board. “The PCAOB is demonstrating that we will take action to protect investors in U.S. markets and impose tough sanctions against anyone ...