China fines Deloitte $31 million for auditing negligence

Deloitte's Beijing operations are also suspended for three months.

211.9 million yuan for failing to perform its duty in assessing the asset quality of China Huarong Asset Management Company Ltd, the finance ministry said on its website on Friday, March 17.

Deloitte said it respects and accepts the ministry’s decision, according to a statement published on its website. In a separate statement, Huarong said the company and its seven subsidiaries had received a 100,000-yuan fine each.

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