SEC Charges Deloitte & Touche's Chinese Affiliate With Violating Sarbanes-Oxley
On May 9, 2012, the SEC announced an enforcement action against Deloitte Touche Tohmatsu CPA Ltd. ("DT Tohmatsu") for not providing audit work papers related to an unnamed China-based company under investigation for potential accounting fraud against U.S. investors. While this marks the first time the SEC has brought an enforcement action against a foreign audit firm for failing to comply with a Section 106 request under the Sarbanes-Oxley Act of 2002 (Sarbanes- Oxley), it is not the first time the SEC has brought an enforcement action against DT Tohmatsu for refusing to release documents related to an SEC fraud investigation. In September 2011, the SEC filed a subpoena enforcement action against DT Tohmatsu for failing to produce requested documents in connection with the SEC's investigation of Longtop Financial Technologies Limited. The SEC later filed charges against Longtop.
Sarbanes-Oxley requires foreign public accounting firms to provide audit work papers regarding U.S. issuers to the SEC upon request.
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