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SEC Subpoena Enforcement Against Deloitte & Touche Shanghai
September 9, 2011
The SEC has filed a subpoena enforcement action against Deloitte Touche Tohmatsu CPA Ltd. for failing to produce documents related to the SEC’s investigation of the Shanghai-based firm’s longtime client Longtop Financial Technologies Limited.
The SEC's application says that D&T has not responded to the agency's subpoena from May of this year requiring D&T Shanghai to produce documents critical to the investigation by July 8.
The History. According to court papers, D&T Shanghai was Longtop's auditor since at least 2007. On May 22, D&T Shanghai resigned as Longtop’s auditor after discovering numerous improprieties during an audit for the year ended March 1, 2011. The firm consented that its audit reports for Longtop could be filed annually with the SEC while knowing full well that they would be relied upon by U.S. investors.
In its resignation letter, D&T Shanghai identified numerous indications of financial fraud at Longtop and indicated that D&T Shanghai’s prior year audit reports for Longtop could no longer be relied upon by investors.
Details of the Subpoena. The SEC subpoena on D&T Shanghai seeks documents related to the incomplete audit of Longtop for the year ended March 31 as well as prior year audits that D&T Shanghai completed. These documents may reveal information about D&T Shanghai’s discovery of false financial records at Longtop, how any fraud schemes at Longtop were able to continue undetected, and basic information necessary to ferret out whether there was a fraud, who was behind it, how significant it was, and how it was conducted.
Pursuant to its application filed in court, the SEC is seeking a court order directing D&T Shanghai to show cause why the court should not enter an order requiring D&T Shanghai to produce documents responsive to the subpoena.
For further details, go to: [SEC PR 11-180, 9/8/11]
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