The Chinese affiliate of Big Four audit firm Deloitte agreed to pay a $20 million penalty and undertake extensive remedial measures as part of a settlement with the U.S. Securities and Exchange Commission (SEC) for audit failures that included asking clients to conduct their own audit work.
Deloitte Touche Tohmatsu Certified Public Accountants (Deloitte China) audits companies in China that trade on U.S. exchanges on behalf of the U.S. arm of the global firm. Deloitte China is registered with the Public Company Accounting Oversight Board (PCAOB) and must abide by its standards.
