- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2022-09-29T20:36:00
The Chinese affiliate of Big Four audit firm Deloitte agreed to pay a $20 million penalty and undertake extensive remedial measures as part of a settlement with the U.S. Securities and Exchange Commission (SEC) for audit failures that included asking clients to conduct their own audit work.
Deloitte Touche Tohmatsu Certified Public Accountants (Deloitte China) audits companies in China that trade on U.S. exchanges on behalf of the U.S. arm of the global firm. Deloitte-China is registered with the Public Company Accounting Oversight Board (PCAOB) and must abide by its standards.
On multiple occasions, Deloitte China invited its clients to create paperwork that gave the appearance Deloitte-China had tested their financial statements and internal controls when “there was no evidence in the audit file that they had in fact done so,” according to the SEC’s order filed Thursday.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2023-11-30T19:24:00Z By Kyle Brasseur
The Public Company Accounting Oversight Board imposed $7 million in total penalties against two PwC affiliates under its first settlements with mainland Chinese and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.
2023-05-10T16:36:00Z By Aaron Nicodemus
The Public Company Accounting Oversight Board found seven of eight audit engagements it reviewed in China and Hong Kong contained “unacceptable rates” of deficiencies.
2022-12-22T18:02:00Z By Kyle Brasseur
Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
Site powered by Webvision Cloud