This article only represents the author's own views.
As one of my brother’s elementary school teachers used to say, “Cheaters never prosper.”
The Hong Kong and Chinese affiliates of global accounting giant PricewaterhouseCoopers are discovering that lesson the hard way, after they were collectively fined $7 million for cheating on online training tests by the accounting arm of the U.S. Securities and Exchange Commission (SEC). In the same announcement of the fines, the SEC’s Public Company Accounting Oversight Board (PCAOB) also said it fined Mainland China-based accounting firm Haoxin nearly $1 million for failing to maintain its independence from one of the U.S.-listed companies it audited.
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