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China Suspends Deloitte's Beijing Office

China Suspends Deloitte's Beijing Office

by Starling Insights

Starling Insights Editorial Board

Mar 27, 2023

Observations

China's Finance Ministry recently suspended the operations of Deloitte in Beijing for three months and fined the firm $31 million for audit negligence.

The sanctions followed an investigation into its audit work for China Huarong Asset Management, one of China's largest bad-debt managers, which received a state-backed bailout in 2021 after losing $15 billion. According to the Chinese finance ministry, the "serious audit deficiencies" included not paying enough attention to Huarong's many financial businesses and failing to assess the quality of the group's assets.

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