fbpx

Type to search

China Asks Deloitte to ‘Learn Lesson’ From $31m Audit Fine – FT

Beijing will also tighten scrutiny of domestic and foreign auditors — “including the Big Four” accounting firms — vice-minister of finance, Zhu Zhongming warned


Deloitte logo
The leading accounting firms in the world by revenue are Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Klynveld Peat Marwick Goerdeler (KPMG). Photo: Reuters

 

China’s vice-minister of finance, Zhu Zhongming, warned UK auditor Deloitte to “learn a lesson” from the $31 million fine imposed on it for failing to correctly assess the asset quality of state-backed firm Huarong, the Financial Times reported on Monday.

Zhongming made his comments while speaking to Sharon Thorne, the Chair of the Deloitte Global Board of Directors. Beijing will also tighten scrutiny of domestic and foreign auditors — “including the Big Four” accounting firms — he added.

Read the full report: Financial Times

 

Also read:

China Raids Office of US Due Diligence Firm, Detains Staff

China Asks State Firms to Drop Big Four Auditors Over Data Fears

China Evergrande Auditor PwC Quits Over 2021 Audit Disputes

China Planning Ten-Fold Increase in Some Cyber Law Fines

China Cybersecurity Rules Seen as Big Risk For Finance Firms

 

 

Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]

logo

AF China Bond