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China fines Big Four accounting firm
The authorities claimed Deloitte’s audit of one of the country’s largest bad-debt managers was marred by negligence China’s Finance Ministry has imposed an unprecedented fine of 212 million yuan ($30.8 million) on accounting firm Deloitte, one of the global audit giants comprising the ‘Big Four,’ for negligence in its audit of bad-debt manager China Huarong, the ministry said in a statement on its website on Friday. Bad-debt managers are asset management firms that are tasked with buying distressed loans from banks. According to the financial authorities, several inspections, staff interviews, and a paperwork revi

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