New Delhi, Dec 25
Global audit firm Deloitte has been fined about Rs 2 crore by the National Financial Reporting Authority (NFRA) for alleged lapses in auditing Zee Entertainment Enterprises Ltd (ZEEL).
This is not the first time Deloitte has been fined for auditing lapses.
In the last five years, many other countries including the US, China, and Canada fined Deloitte for ignoring audit standards.
In China, Deloitte's operations faced regulatory scrutiny from domestic and international authorities. In September 2022, the US Securities and Exchange Commission imposed a fine of $20 million on Deloitte's Chinese affiliate. The fine was imposed on the firm for asking its clients to do their audit work on their own, which was a direct violation of auditing standards. Following this, in March 2023, Chinese regulators imposed a fine of 211.9 million yuan ($30.8 million) for flaws in auditing China Huarong Asset Management Company. This fine was imposed on Deloitte by Chinese regulators for not maintaining quality in audits.