SEC's Deloitte subpoena attacked by US court
The SEC must show precedent for bypassing the Hague Convention in its subpoena of Deloitte China, a judge has ruled
The SEC must show precedent for bypassing the Hague Convention in its subpoena of Deloitte China, a judge has ruled
US REGULATOR the SEC has been pulled up short over its subpoena of Deloitte’s China arm, after a judge ruled the move might contravene normal procedure.
Federal judge Deborah Robinson questioned whether the courts had the power to force Deloitte China’s hand, asking the SEC why it had not followed Hague Convention procedures, Reuters reports.
The SEC has demanded documents and evidence relating to the audit of Longtop Financial Technologies, a China-based US-listed company that is one of more than 30 recently accoused of questionable accounting activity.
Last week, China Biotics became the latest to fall foul of the regulator, which suspended trading in its shares due to “a lack of current and accurate information concerning the company’s securities because it has been delinquent in its required periodic reports since February 2011”.
Judge Robinson has given the SEC until Friday to show precedent for why it should be allowed to dodge Hague protocol, after a lawyer for the regulator complained about the delay this would cause: “We’re talking about months and months,” he said. “Time is of the essence.”
The numbers you crunch tell a story. Your expertis...
13yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleKPMG has agreed to pay a $50m penalty after the American Securities and Exchange Commission (SEC) charged the firm with altering past audit work after...
View articleFormer PCAOB employees allegedly leaked confidential data to KPMG to help it pass audit inspections Read More...
View articleUS audit watchdog expects to conduct inspections of mainland Chinese audit firms by the end of the year Read More...
View articleFormer Deloitte & Touche chief risk officer suspended from auditing public companies for two years Read More...
View articleBig Four Chinese affiliates appeal SEC ruling barring them from auditing US listed companies Read More...
View articleChinese audit reform has led to a cut in fees but no contracts moving outside the Big Four, Gavin Hinks finds Read More...
View articleChinese securities regulator expressed "deep regret" over SEC decision to ban Big Four from auditing Chinese companies listed on US stock exchange Re...
View articleJudge calls for Chinese affiliates of Big Four to be barred from working for any US-listed Chinese companies for six months Read More...
View article