Chinese audit firms face SEC crackdown

The US Securities and Exchange Commission has charged the Chinese affiliates of five leading accounting firms with violating securities laws for refusing to produce paperwork related to investigations into accounting fraud at nine Chinese companies.

The Chinese affiliates of Deloitte, Ernst & Young, KPMG, PwC and BDO were charged with violating the US Securities Exchange Act and the Sarbanes-Oxley Act. The laws require foreign public accounting firms to provide the SEC with paperwork involving any US-traded company, the SEC said ... READ MORE

Released by the Financial Times -3 December 2012