The US securities regulator has charged Deloitte’s China arm with falling “woefully short” by having clients complete their own audit tasks, as negotiations between Washington and Beijing over setting cross-border accounting standards come to a head.
Deloitte China has agreed to pay a $20mn penalty for asking clients to select samples of accounting entries to be tested, the US Securities and Exchange Commission said on Thursday.
The division also asked clients to prepare documents showing it had assessed accounting entries when there was no such evidence it had done so.
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