China Tells Deloitte That Accounting Firm Regulations to Toughen

Posted on AllSides March 26th, 2023
From The Left

China will strengthen regulations on the certified public accountant sector, Deputy Finance Minister Zhu Zhongming told visiting Deloitte Global Chair Sharon Thorne after the company was hit by a record fine.

The ministry announced on March 17 that it suspended the operations of Deloitte Touche Tohmatsu Ltd.’s Beijing office for three months and imposed a 212 million yuan ($30.9 million) fine over lapses in its auditing work of bad-debt manager China Huarong Asset Management Co.

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