Deloitte’s Chinese Affiliate to Pay $20 Million Penalty for Asking Audit Clients to Conduct Their Own Audit Work

SEC

The Securities and Exchange Commission today charged Deloitte Touche Tohmatsu Certified Public Accountants LLP (Deloitte-China), the Chinese affiliate of the Deloitte global network of accounting firms, with failing to comply with fundamental U.S. auditing requirements in its component audits of U.S. issuers and its audits of foreign companies listed on U.S. exchanges. Deloitte-China agreed to settle the charges by paying a $20 million penalty and agreeing to extensive remedial measures. read more »

How McKinsey Got Into the Business of Addiction

NEW YORK TIMES

The consulting firm’s work with opioid makers is well known, but for decades McKinsey worked with Big Tobacco and has also advised Juul, the e-cigarette company. read more »

McKinsey Is a Consulting Powerhouse. But Is It a Force for Good?

NEW YORK TIMES

“When McKinsey Comes to Town,” by the Times reporters Walt Bogdanich and Michael Forsythe, argues that the legendary firm has accrued an inordinate amount of influence chasing profits at the expense of moral principle. read more »

Former Missouri Health Care Charity Executives Plead Guilty to Multimillion-Dollar Bribery and Embezzlement Scheme

DOJ

Two former executives of a Springfield, Missouri-based charity pleaded guilty yesterday to their roles in a multimillion-dollar public corruption scheme that involved embezzlement and bribes paid to multiple elected public officials in the state of Arkansas. read more »