China moves to raise penalties on auditors as fraud campaign deepens

China is increasing penalties for auditors who issue false audit reports, with a draft amendment to the Certified Public Accountants Law proposing to raise the maximum fine from five times to 10 times the illegal gains. The amendment is set for a second reading at the 23rd session of the Standing Committee of the 14th National People’s Congress as part of a broader campaign against financial fraud by listed companies.