Zhu Zhongming, China's vice-minister of finance, meets with Deloitte's Global Council Chairperson, Sharon Thorne, in Beijing on March 26, 2023. PHOTO China is strengthening the regulations on accounting firms, and it supports international accounting firms, including Deloitte, operating in China in accordance with the law, a vice-finance minister said.
Zhu Zhongming, China's vice-minister of finance, made remarks on Sunday when he met with Deloitte's Global Council Chairperson Sharon Thorne, according to a news release from the finance ministry.
Sharon stated that Deloitte Global supports Deloitte Touche Tohmatsu, Deloitte's China presence, to fully accept and resolutely implement the administrative penalty handed down by the Ministry of Finance earlier this month. She said Deloitte Touche Tohmatsu is ready to develop and deliver a plan for rectification and audit quality.
She said that Deloitte is willing to contribute to China's pursuit of high-quality economic growth.
The vice-finance minister, Zhu, said he supports Deloitte's attitude toward the penalty. He urged the company to learn from the case, correct mistakes and improve audit quality.
The Ministry of Finance is enhancing the rule of law and fostering a market-oriented business climate governed by a sound legal framework, according to Zhu. It supports Deloitte and other accounting firms in operating legally in the nation, and they will be treated the same as domestic accountants.
The Ministry of Finance announced on March 17 that it was suspending the operations of Deloitte Touche Tohmatsu Ltd's Beijing office for three months and imposed a 212 million yuan $30.8 million fine over lapses in its audit work on China Huarong Asset Management Co.