#DELOITTE TOUCHE TOHMATSU PROFESSIONAL#

markets should be protected - and have trust in a company’s financial numbers - regardless of whether an issuer is foreign or domestic.” It’s a privilege for issuers to access our markets - the largest, deepest, most liquid markets in the world. “These basic, foundational auditing requirements are necessary to instill trust in our capital markets. issuers and audits of Chinese companies listed on U.S.

#DELOITTE TOUCHE TOHMATSU PROFESSIONAL#

“We find that Deloitte-China fell woefully short of professional auditing requirements in numerous component audits of Chinese operations of U.S. This created the appearance that Deloitte-China had conducted the required testing of clients’ financial statements and internal controls when there was no evidence in the audit file that it had in fact done so. The SEC order finds that, in the course of numerous audits, Deloitte-China personnel asked clients to select their own samples for testing and to prepare audit documentation purporting to show that Deloitte-China had obtained and assessed the supporting evidence for certain clients’ accounting entries. Deloitte-China agreed to settle the charges by paying a $20 million penalty and agreeing to extensive remedial measures. issuers and its audits of foreign companies listed on U.S. auditing requirements in its component audits of U.S. The Securities and Exchange Commission today charged Deloitte Touche Tohmatsu Certified Public Accountants LLP (Deloitte-China), the Chinese affiliate of the Deloitte global network of accounting firms, with failing to comply with fundamental U.S.

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