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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2022-09-29T20:36:00
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.
On multiple occasions, Deloitte China invited its clients to create paperwork that gave the appearance Deloitte-China had tested their financial statements and internal controls when “there was no evidence in the audit file that they had in fact done so,” according to the SEC’s order filed Thursday.
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News and analysis for the well-informed compliance or audit exec.
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2023-11-30T19:24:00Z By Kyle Brasseur
The Public Company Accounting Oversight Board imposed $7 million in total penalties against two PwC affiliates under its first settlements with mainland Chinese and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.
2023-05-10T16:36:00Z By Aaron Nicodemus
The Public Company Accounting Oversight Board found seven of eight audit engagements it reviewed in China and Hong Kong contained “unacceptable rates” of deficiencies.
2022-12-22T18:02:00Z By Kyle Brasseur
Deloitte received a penalty of £906,250 (U.S. $1.1 million) from the U.K. Financial Reporting Council for evidence failures regarding supplier rebates and cash uncovered in its 2015 and 2016 financial year audits at specialist building product distributor SIG.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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