More than a year ago, we began following the so-called Ernst & Young (“EY”) State Secrets Case in Hong Kong. On 23 May 2014, the High Court of Hong Kong finally concluded that there was no “reasonable excuse” for EY’s failure to comply with Securities and Futures Commission (“SFC”) notices seeking information and documents, and … Continue Reading
This post was also written by Terence Healy. Yesterday, the SEC instituted administrative proceedings against the Chinese affiliates of the “Big Four” accounting firms and BDO related to audits they conducted at nine Chinese companies. At issue is the accounting firms’ “willful refusal” to provide audit work papers and other materials the Commission seeks in its … Continue Reading
