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China fines Big Four accounting firm
3 days ago - By RT
The authorities claimed Deloitte's audit of one of the country's largest bad-debt managers was marred by negligence
China's Finance Ministry has imposed an unprecedented fine of 212 million yuan on accounting firm Deloitte, one of the global audit giants comprising the ‘Big Four,' for negligence in its audit of bad-debt manager China Huarong, the ministry said in a statement on its website on Friday. Bad-debt managers are asset management firms that are tasked with buying distressed loans from banks.
According to the financial authorities, several inspections, staff interviews, and a...
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