2023-12-03 22:21:00
Chinese Company Fined for Massive Fraud by US Authorities
In a landmark move, a Chinese company has been fined for what US authorities are calling a massive fraud. The company, which has not been named, is reported to have had over a thousand employees involved in carrying out fraudulent tests.
This significant fine marks the first time a Chinese company has been penalized in this way since an agreement was reached in 2022 allowing American companies to audit the books of Chinese companies operating in the United States, even if their headquarters are located in China.
PCAOB Chairman Erica Williams commented on the fine, stating that no company operating in the United States could commit such offenses without facing penalties. She added, “The days when a Chinese company could operate without control and enforcement from the United States are over and will not return.”
The move by the PCAOB is being seen as a significant step in setting a standard for the rest of the Chinese companies operating in the United States. This signals a clear message that fraudulent activities will not be tolerated, and all companies, regardless of their origin, will be held accountable for their actions.
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