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Deloitte fined nearly $31 million in China for auditing lapses

Posted On: Mar. 20, 2023 9:50 AM CST

Financial penalty

The Chinese government has fined consultancy firm Deloitte Touche Tohmatsu Ltd. 211.9 million Chinese yuan ($30.8 million) and suspended its Beijing operations for three months after it failed to properly evaluate the asset quality of China Huarong Asset Management Co. Ltd., Reuters reported. China’s financial ministry said that Deloitte did not issue proper audit opinions even after identifying abnormal transactions. The ministry also fined China Huarong and its investment arms for inaccurate accounting information from 2014 to 2019.