Longtop Financial Technologies Ltd.(fka LFTGY)

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Deloitte opposes SEC move to restart China audit paper case
1/8/2013COMMENTS (0)
By Rachel Armstrong

Jan 8 (Reuters) - Accounting giant Deloitte has asked a federal judge to reject a request from the U.S. securities regulator to resume a court case in which it is trying to force the auditor to hand over work papers from its audit of an allegedly fraudulent Chinese IT company.

The move is the latest in a standoff between the Securities and Exchange Commission (SEC) and audit firms over access to accounting documents of U.S.-listed Chinese companies suspected of fraud.

The SEC wants Deloitte to supply documents relating to its a udit of Longtop Financial Technologies Ltd but the auditor says it is barred from doing so by Chinese secrecy laws.