Deloitte’s China branch pays $20 million to settle outsourcing engagement

WASHINGTON — The China branch of the Big Four accounting firm Deloitte will pay $20 million to settle regulatory claims that it has outsourced some audit work to companies whose financial statements are audited. hired for independent review.

The Securities and Exchange Commission announced the settlement on Thursday, saying Deloitte Touche Tohmatsu Certified Public Accountants LLP asked clients to do some work they should have done as part of the review process. . Deloitte-China auditors asked clients to choose their own accounting templates for testing and then created records to demonstrate that there was evidence supporting the auditor’s work, the SEC said. .

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