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Biz News Korea(Eng)
FSC to take punitive action on Deloitte Anjin for colluding in DSME’s accounting fraud
- Collected
- 2017.03.26
- Distributed
- 2017.03.28
- Source
- Go Direct
The Securities and Futures Commission of the Financial Services Commission (FSC) decided to take the disciplinary action on Deloitte Anjin on conclusion that the auditing firm assisted DSME in cooking up is financial figures. The final decision will be made at a regular meeting of the FSC on April 5. If the financial authority approves the plan, the auditor would immediately be put under business suspension for a year from April 5 in 2017 to April 4 in 2018.
“We found that Deloitte Anjin’s auditing team acquiesced in accounting fraud of DSME,” said an official from the commission. “Its lax auditing continued as it didn’t follow its auditing quality management rules for the past six years,” he added.
The commission also decided to take some measures to prevent the auditor from renewing its contracts with its clients before the sanction will be finally approved. The auditing firm hurriedly extended its contract with a firm as it expires this year.
According to sources in the accounting industry, Deloitte Anjin has 223 listed companies among the total 1,068 firms under contract. The sanction is estimated to cost more than 30 billion won ($27 million) in damage for the company, about 10 percent of its sales of 300.6 billion won in 2015.
By Chun Gyung-woon and Yoon Jin-ho
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]