Public Company Accounting Oversight Board (PCAOB)’s Post

Some regulators don't muck around. PCAOB fines PwC China and PwC Hong Kong AUD$10million after hundreds engaged in training exam misconduct. #corpgov #corporategovernance #corporatelaw #regulation #accountability #transparency #publicinterest #integrity #businessethics #ASIC #whitecollarcrime #democracy #directors #directorsandofficers #boards #boardsofdirectors #operationalrisk https://lnkd.in/gM_ZxBCf

A landmark settlement - PricewaterhouseCoopers affiliates in HK and China and a Chinese audit firm have agreed to pay a total of $7.9 million in fines for failures related to audits of U.S.-listed Chinese companies. The penalties against PwC include failing to prevent exam cheating by over 1,000 individuals between 2018 and 2020. A decade in the making, this decision came about after China and the U.S. agreed to a deal that allowed the U.S. Public Company Accounting Oversight Board (PCAOB) to inspect the books and records of Chinese companies listed in New York for the first time. While the fines are relatively small, they are among the biggest the watchdog has ever issued. "The days of China-based firms evading accountability are over. The PCAOB is demonstrating that we will take action to protect investors in U.S. markets and impose tough sanctions against anyone who violates PCAOB rules and standards, no matter where they are located" A former colleague who now heads one of the largest financial services company in the market spoke for many in the industry when he shared the following comment - "普华永道中国与香港被发现有1000多人在内部训练考试中作弊, 中国的监管部门要不要反思下？" #pricewaterhouse #audit #regulator #fraud #hongkong #china #pcaob #usa https://lnkd.in/gPb6nzpj

Estate Agents are facing increasing levels of regulation, so keeping up to date with compliance obligations is becoming more and more important. That's why we've introduced our Governance Risk and Compliance for Estate Agents training. Developed especially for Estate Agents, it provides all the knowledge required to remain compliant, including: 🕵Anti-Money Laundering for Estate Agents 💰️Anti-Facilitating Tax Evasion 🏚️Asbestos Awareness 🍄Mould, Damp and Condensation ➕And loads more. Enquire here to find out more: https://ow.ly/ul9F50QVkUe #EstateAgents #Compliance #AccessLegal

Estate Agents are facing increasing levels of regulation, so keeping up to date with compliance obligations is becoming more and more important. That's why we've introduced our Governance Risk and Compliance for Estate Agents training. Developed especially for Estate Agents, it provides all the knowledge required to remain compliant, including: 🕵Anti-Money Laundering for Estate Agents 💰️Anti-Facilitating Tax Evasion 🏚️Asbestos Awareness 🍄Mould, Damp and Condensation ➕And loads more. Enquire here to find out more: https://ow.ly/P3tQ50QTsCc #EstateAgents #Compliance #AccessLegal

🇪🇺 EU compliance update: The European Commission has taken action against 26 Member States for failing to communicate measures transposing EU directives into national law. The directives cover areas such as whistleblower protection, VAT fraud, taxation, and climate. Member States have two months to respond and complete transposition, or the Commission may issue a reasoned opinion. 👉🏼 Stay tuned for updates on this compliance development! #eucommission #directive #compliance #legalnews #europeanunion

Are you interested in the rapid increase in compliance obligations for trustees? I have written a series of three articles about the developments in an ever-widening range of laws for 'domestic trusts' in the last decade. I want to take this opportunity to thank the NZLS and CAANZ specialists who review proposed tax laws, often under extreme time pressures, as you will note from my July instalment. The articles were published in the New Zealand Law Journal's May, June and July 2023 editions: Part one reviews AML/CFT/FATCA/CRS - [2023] NZLJ 116 Part two reviews aspects of the Trusts Act 2021 - [2023] NZLJ 168 Part three considers the domestic trust reporting regime and the Commissioner's power to collect information - [2023] NZLJ 183 #trustlaw #trusteesduties #trusts #nzlaw