The Securities and Exchange Commission imposed a $20 million penalty on the Chinese affiliate of Deloitte Touche Tomahotsu, accusing the accounting giant's arm of failing to comply with 'fundamental U.S. auditing requirements.'
: In a statement, SEC Chair Gary Gensler said Deloitte's China arm “fell woefully short of professional auditing requirements in numerous component audits of Chinese operations of U.S. issuers and audits of Chinese companies listed on U.S. exchanges.
“These basic, foundational auditing requirements are necessary to instill trust in our capital markets. "It’s a privilege for issuers to access our markets — the largest, deepest, most liquid markets in the world," he said, adding that the incident underscored the need for U.S. authorities to inspect Chinese audit firms."The increasingly fraught Sino-American bilateral relationship isn't the only issue at stake.
With markets in turmoil and the economy teetering, Wall Street's sheriff has been on an enforcement tear, under pressure to prove it's looking out for investors. The accounting industry is just one of the SEC's latest high-profile targets: In June, the regulator slapped a $100 million fine against Ernst & Young for ethics lapses. It was the largest penalty ever imposed against an audit firm.
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