SEC Drops Chinese Audit Probe Against Deloitte

Law360, Los Angeles (January 27, 2014, 10:19 PM EST) -- The U.S. Securities and Exchange Commission told a Washington federal judge on Monday that it would drop its lawsuit against a Chinese unit of Deloitte Touche Tohmatsu Ltd. over the firm’s audit of a technology company, citing Deloitte’s continued cooperation with Chinese securities regulators.

The SEC said it would finally end its 2011 action brought against Deloitte to compel compliance with a subpoena seeking workpapers and other documents related to the firm’s audit of China-based Longtop Financial Technologies Ltd., saying the China Securities Regulatory Commission has produced...
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