HomeEconomyChina fines Deloitte $31 million for audit negligence Economy China fines Deloitte $31 million for audit negligence By inew March 18, 2023 0 93 views Share FacebookTwitterPinterestWhatsApp Dollar /CNY -0.% Add/Remove from Watchlist Join the watch list Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 2111 Create New Watchlist Create 2020500 2019 1000 create a new holding combination add create201952 + add another position to close BEIJING (Reuters) – China has fined audit firm Deloitte .9 million yuan ($ .8 million) the Ministry of Finance said on its website on Friday that China Huarong Asset Management Co., Ltd. failed to fulfill its duties in asset quality assessment. Deloitte’s operations in Beijing will also be suspended for three months, the Ministry of Commerce said in a statement. China Huarong and its investment division were fined due to internal governance failures, risk control failures and serious inaccurate accounting information 50 arrive52, the statement added. Deloitte said in a statement published on its website that it respects and accepts the ministry’s decision. “We regret that, in this matter, the Ministry of Finance considers that certain aspects of our work fell short of the required audit standards,” it said. explain. Deloitte also stated that it has not received any information from Huarong indicating that it intends to make any restatements of past financial statements, nor has it identified any Amendments to relevant audit reports are necessary. Huarong said in a separate statement that the company and its seven subsidiaries had received , Yuan fine each. Huarong said the issue of its punishment had no direct impact on the company’s current and future business, adding that it would strengthen its internal control and risk management systems. The Ministry of Finance stated that Deloitte failed to discover the real situation of the underlying assets during the audit and ignored the approval compliance of Huarong’s major investment matters. The accounting firm failed to issue appropriate audit opinions on the identified abnormal Huarong transactions, and did not obtain sufficient and appropriate audit services when providing audit services. evidence, it is added. Huarong, one of the four major state-owned bad creditors, fell into turmoil because it failed to release its Income on time. In the end, a huge loss was reported. The company was later injected into CITIC Group as its Largest shareholder in government-led restructuring and has disposed of non-core businesses. (1 USD=6.200 1000Chinese YuanRMB) Share FacebookTwitterPinterestWhatsApp Previous article'Lucky Hank' review: No surprises with Bob Odenkirk's stellar performance in AMC school dramaNext articleKeira Knightley on Her New Movie 'The Boston Strangler,' Motherhood and Y2K Style inewhttps://inew.news RELATED ARTICLES Economy Boris Johnson hands COVID-era WhatsApps to UK government amid inquiry row May 31, 2023 Economy Without action on jobs, low-income countries will fall behind – ILO May 31, 2023 Economy China VC funding set for weakest first half in 8 years May 31, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. USA Trends Messi-mad Indian mom driving to Qatar to see hero in his final World Cup December 7, 2022 Drew Brees fakes lightning strike in promotional stunt for online sportsbook December 3, 2022 Who could be speaker, if not Kevin McCarthy December 3, 2022 3 bold Utah football predictions for Pac-12 Championship vs. USC December 3, 2022 Load more LAST NEWS Nick praises Heat's Jimmy Butler after knocking out Celtics in Game 7 of ECF | What's Wright? May 31, 2023 Everything you need to know about All-Star ballots as voting rolls on May 31, 2023 Trader Joe Goes All-In On Auto-Pools: Game-Changer For DeFi Investors? May 31, 2023 Coinbase CEO Drops Bombshell Prediction – Is China Set To Dominate Crypto? May 31, 2023 Load more Featured NEWS 'Blind Willow, The Sleeping Woman' Review: A Resonant Dreamland From Aftershocks April 14, 2023 Hasan Minhaj to host 2023 Independent Spirit Awards January 31, 2023 Lakers celebrate Darwinham's first win, Craig reacts to carton show October 31, 2022 Bill Pohlad's 'Dream Wild' Music Biopic Hits Roadside Spots March 30, 2023 Load more
