- Chinese authorities suspend Deloitte's operations for 3 months and fine them $31mn.
- Deloitte found to have serious audit deficiencies in its audit of China Huarong Asset Management.
- Deloitte failed to assess the quality of the group's assets.
- Huarong received a $6.6bn state-backed bailout in 2021 after recording a $15bn loss.
- Penalties are latest blow to Big Four accounting firms in the region.
Financial Times — World — Audit deficiencies — Accounting & Consulting Services — Asia-Pacific Companies — Financial Services
China suspends Deloitte’s Beijing office over Huarong audit ‘deficiencies’
Chinese authorities have suspended Deloitte's operations in Beijing for three months and fined the Big Four firm $31mn after finding serious deficiencies in its audit of China Huarong Asset Management.