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The Securities and Exchange Commission Dec. 3 brought administrative proceedings against the China-based affiliates of five major U.S. audit and accounting firms alleging that they failed to produce documents to the agency as part of its investigation into possible fraud by the companies' clients (In re BDO China Dahua CPA Co. Ltd., SEC, Admin. Proc. File No. 3-15116, 12/3/12).
The SEC alleged that the affiliates of the so-called Big Four accounting firms and another firm refused to hand over audit work papers and other documents related to an investigation of possible accounting fraud by certain China-based companies that were serviced by the firms. The SEC named: BDO China Dahua Co. Ltd., Deloitte Touche Tohmatsu Certified Public Accountants Ltd., Ernst & Young Hua Ming LLP, KPMG Huazhen (Special General Partnership), and PricewaterhouseCoopers Zhong Tian CPAs Ltd.
Deloitte Litigation. The suit...