China suspended the operations of Deloitte & Touche LLP’s Beijing office for three months and fined the firm after a review of its work on auditing of China Huarong Asset Management Co.
(Bloomberg) — China suspended the operations of Deloitte & Touche LLP’s Beijing office for three months and fined the firm after a review of its work on auditing of China Huarong Asset Management Co.
After on-site inspections, a review and a hearing the Ministry of Finance found that Deloitte had “serious audit deficiencies” in its work with Huarong between 2014 and 2019, according to a statement. The firm was fined about 212 million yuan ($30.8 million).
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