Chinese authorities have suspended Deloitte’s operations in Beijing for three months and fined the Big Four firm $31mn after finding serious deficiencies in its audit of China Huarong Asset Management.
The Chinese finance ministry said on Friday that an investigation found that Deloitte “failed to maintain professional scepticism”. Its “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.
China Huarong, one of China’s largest bad-debt managers, received a $6.6bn state-backed bailout in 2021 after slumping to a record Rmb103bn ($15bn) loss.
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