U S. fines three Chinese accounting firms $7.9 million for violating securities laws

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It said they are also the largest civil financial penalties the board has levied against a China-based company. According to PCAOB, these are the first enforcement settlements with Chinese and Hong Kong companies since the oversight board gained powers to inspect and investigate Chinese firms. Public accounting companies PwC China and PwC Hong Kong, were fined $7 million for allowing more than 1,000 people from PwC Hong Kong and hundreds more from PwC China to share answers to tests for mandatory internal training.

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