The Securities and Exchange Commission is rattling a dull
sabre again towards Shanghai-based Deloitte Touche Tohmatsu CPA Ltd. for its
refusal to provide the agency with audit work papers related to Longtop, a
China-based company under investigation for potential accounting fraud against
Deloitte has settled a shareholder case against the firm stemming from their role as
auditor of Bear Stearn s, one of the early financial services firms to fail,
be force sold or nationalized during the financial crisis of 2008-2009.
Deloitte was dangerously close to having to answer for its actions...
The SEC and the People's Republic of China (PRC)-based affiliates of five major accounting firms entered into a settlement of proceedings initiated over the failure to produce audit work papers for issuers with substantial operations in China. The settlement, which provides a mechanism for governing...