SEC, Deloitte, Longtop case resolution raises hopes for solving US audit ban
The SEC has dropped its case against Deloitte’s China arm and Longtop Financial Technologies, pointing the way through a broader audit ban crisis.
On January 27, the US Securities and Exchange Commission (SEC) dismissed a two-year old lawsuit over withheld audit documents against Deloitte’s China unit and Longtop Financial, a US-listed Chinese financial company. The regulator said in court that the basis for its dispute had been mostly resolved as its counterpart in China has turned over many of the documents sought.
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