September 29, 2022
Posted September 29, 2022
The Chinese affiliate of accounting firm Deloitte, known as Deloitte Touche Tohmatsu Certified Public Accountants LLP, has agreed to pay a $20 million penalty and submit to extensive remedial measures for its failures to comply with fundamental U.S. auditing requirements in audits of companies listed on U.S. exchanges. According to multiple SEC audits spanning multiple years, instead of properly reviewing client financial statements and internal controls, Deloitte-China had a practice of asking clients to select their own samples for testing and prepare their own audit documentation. SEC
Tagged in: Financial Institution Fraud,