WASHINGTON | Wed May 9, 2012 11:52am EDT
WASHINGTON May 9 (Reuters) - U.S. securities regulators on Wednesday charged Shanghai-based Deloitte Touche Tohmatsu CPA Ltd for refusing to provide audit work papers related to a Chinese company that is under investigation for possible accounting fraud.
The administrative proceedings against the Deloitte affiliate by the Securities and Exchange Commission mark the second time since last year that the SEC has taken enforcement action against the firm.
The SEC alleges that Deloitte & Touche Shanghai violated a provision in the Sarbanes-Oxley Act which requires foreign public accounting firms to provide their work papers concerning U.S. companies to the SEC upon request.
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