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
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