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

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

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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 vishakha.saxena@asiafinancial.com