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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.

1 min read
  • 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.
China suspends Deloitte’s Beijing office over Huarong audit ‘deficiencies’
Finance ministry says accounting firm failed to assess asset quality of bad-debt manager
Financial TimesEdward White

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