SEC Sanctions Chinese Affiliates of “Big Four” Auditing Firms
On February 6, 2015, the Securities and Exchange Commission (“SEC”) announced a settlement with the Chinese affiliates of the “Big Four” auditing firms – Ernst & Young, KPMG, Deloitte, and Pricewaterhouse Coopers – resolving an administrative proceeding instituted against the firms in 2012 due to their refusal to produce requested audit work papers to the SEC.