Home » The China Securities Regulatory Commission plans to impose six fines on Shenzhen Tangtang Certified Public Accountants, and the relevant subjects will be transferred to the public security agency for suspected crimes

The China Securities Regulatory Commission plans to impose six fines on Shenzhen Tangtang Certified Public Accountants, and the relevant subjects will be transferred to the public security agency for suspected crimes

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Caijing Capital and the company reported that on January 7, the head of the relevant department of the China Securities Regulatory Commission stated in response to a reporter’s question that he planned to impose a “no one fined six” administrative penalty on Shenzhen Tangtang CPA firm, and relevant subjects will be referred to suspected crimes. public safety agency.

In response to an open letter issued by Shenzhen Tangtang Accounting Firm on the handling of a case on its official website, the above-mentioned person in charge stated that recently, the China Securities Regulatory Commission performed hearing procedures on Shenzhen Tangtang Accounting Firm’s audit business violations in accordance with the law, and heard the parties’ defense opinions, and will follow the law. Make a penalty decision. The audit object of the Shenzhen Tangtang CPAs case is a listed company *ST Xinyi, which has been punished by the China Securities Regulatory Commission several times in recent years. Recently, the China Securities Regulatory Commission has performed hearing procedures for its serious financial fraud cases in its 2018 and 2019 annual reports. Punishment decisions will also be made in accordance with the law.

In this case, Shenzhen Tangtang Certified Public Accountants, knowing that *ST Xinyi’s annual report audit business has been “rejected” by other accounting firms, signed an agreement with *ST Xinyi, promising not to issue “unable to express opinions” in the audit report. Or “negative opinions”, and require that in the event of being punished by the regulatory authorities, *ST Xinyi should be compensated. Its audit independence is seriously lacking, the audit procedures have many defects, the audit report contains false records and major omissions, and lacks due professional ethics and bottom line. The China Securities Regulatory Commission intends to impose a penalty of “no one fined six” on Shenzhen Tangtang Accounting Firm, and the relevant subjects will be transferred to the public security organs for suspected crimes.

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The above-mentioned person in charge pointed out that the accounting firm is an important “gatekeeper” of the capital market, and its awareness of law-abiding, professional ability, and diligence are related to the vital interests of investors. Although the new “Securities Law” abolished the administrative licensing requirements for accounting firms to engage in securities business, it also greatly increased the legal liabilities for violations of laws and regulations. “Lowering the threshold” does not mean reducing the liability. This means that accounting firms have obtained a fair opportunity to participate in the capital market, but they must also bear corresponding responsibilities. Regardless of their size, they are equal in observing the law and treated equally in terms of regulatory requirements.

The Securities Regulatory Commission will perform its duties strictly in accordance with the law, resolutely implement the “Opinions on Strictly Cracking Down on Illegal Securities Activities According to Law” by the Central Office and the Office of the State Council, earnestly implement the “zero tolerance” policy, severely penalize any violations of laws and regulations, and protect investors in accordance with the law. Legitimate rights and healthy development order of the capital market.

【Author: Luo Chen】 (Edit: Luo Chen)

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