The Securities and Exchange Commission has charged Deloitte Touche Tohmatsu Certified Public Accountants LLP (Deloitte-China), the Chinese affiliate of the Deloitte global network of accounting firms, with a $20m penalty for failing to comply with fundamental US auditing requirements in both its component audits of US issuers and its audits
Deloitte-China to pay $20m penalty for asking audit clients to perform their own audit inspection
Selected clients were asked to collect their own samples and prepared workpapers for audit work.