Monday, August 31, 2015

U.S. accountants' China affiliates hide fraud: SEC

Complaints against BDO, Deloitte, Ernst, KPMG, Pricewaterhouse

U.S. accountants' China affiliates hide fraud: SEC


The US Securities and Exchange Commission today accused the China affilaites of the multinational BDO, Deloitte, Ernst & Young, KPMG, and Pricewaterhouse Coopers accounting groups and accused them of "willfully failing"  produce documents on China-based, U.S.-listed companies suspected of defrauding U.S. investors, in violation of both U.S. securities law, and the Sarbanes-Oxley accounting law.

Read the SEC complaint here, news release here.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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