Deloitte Touche Tohmatsu Certified Public Accountants LLP (Deloitte-China), the Chinese affiliate of the Deloitte global network of accounting firms, has been charged by the US Securities and Exchange Committee (SEC) for failing to comply with fundamental US auditing requirements in its component audits of US issuers and its audits of foreign companies listed on US exchanges.

Deloitte-China agreed to settle the charges by paying a $20m penalty and agreeing to extensive remedial measures.