China reiterates it supports global accounting firms

China is improving and strengthening regulations on accounting firms, and it supports international accounting firms, including Deloitte, operating in China in pursuant to law, a vice-finance minister said.

Zhu Zhongming, China's vice-minister of finance,made the remarks when meeting with Deloitte's Global Council Chairperson, Sharon Thorne, in Beijing on Sunday, according to a news release from the finance ministry.

Sharon said that Deloitte Global supports Deloitte Touche Tohmatsu, Deloitte's China presence, to fully accept and resolutely implement the administrative penalty that was handed down by the Ministry of Finance earlier this month, according to the news release. She said Deloitte Touche Tohmatsu is ready to formulate and deliver a plan for rectification and improving audit quality.

She said Deloitte is willing to contribute to China's pursuit of high-quality economic growth.

Zhu, the vice-finance minister, said he affirms Deloitte's attitude toward the penalty. He urged the company to learn from the case and further correct mistakes and improve audit quality.

The Ministry of Finance is enhancing building on the rule of law, and fostering a world-class, market-oriented business climate governed by a sound legal framework, Zhu said. It supports Deloitte and other global accounting firms in operating legally in the nation, and they will be treated equally with domestic accountants.

The Ministry of Finance announced on March 17 that it was suspending the operations of Deloitte Touche Tohmatsu Ltd's Beijing office for three months and imposed a 212 million yuan ($30.8 million) fine over lapses in its auditing work on China Huarong Asset Management Co.

zhangyue@chinadaily.com.cn