April 26, 2024
Industrials
Deloitte Anjin faces 12-month partial suspension over DSME case
[THE INVESTOR] Deloitte Anjin has been given a 12-month partial suspension of business penalty for its part in Daewoo Shipbuilding and Marine Engineering’s accounting fraud.
The company allegedly cooperated with fraudulent accounting of former DSME management that contributed to the shipbuilder’s liquidity crisis.
On March 9, the inspection board of the Securities and Futures Commission ruled that the accounting firm should be prohibited from signing new audit contracts for 12 months.
The partial suspension issued by the audit board limits Deloitte Anjin from signing new audit contracts with 100 or so listed companies for review by the SFC.
The SFC is scheduled to hold a meeting on March 15.
The board will, however, submit both the penalty suggested by its members and the earlier suggestion by the Financial Supervisory Service. The FSS’ suggestion would prevent Deloitte Anjin from signing with 1,100 listed and unlisted companies.
In addition to the penalty imposed on the company, four of its accountants had their licenses revoked by the Financial Services Commission on March 7.
By Choi He-suk (cheesuk@heraldcorp.com)
The company allegedly cooperated with fraudulent accounting of former DSME management that contributed to the shipbuilder’s liquidity crisis.
On March 9, the inspection board of the Securities and Futures Commission ruled that the accounting firm should be prohibited from signing new audit contracts for 12 months.
The partial suspension issued by the audit board limits Deloitte Anjin from signing new audit contracts with 100 or so listed companies for review by the SFC.
The SFC is scheduled to hold a meeting on March 15.
The board will, however, submit both the penalty suggested by its members and the earlier suggestion by the Financial Supervisory Service. The FSS’ suggestion would prevent Deloitte Anjin from signing with 1,100 listed and unlisted companies.
In addition to the penalty imposed on the company, four of its accountants had their licenses revoked by the Financial Services Commission on March 7.
By Choi He-suk (cheesuk@heraldcorp.com)
