Securities
Jun. 5, 2012
Deloitte: between SOX and a hard place
The Big Four firm is facing a unique SEC enforcement action; though its hands may be tied by foreign law. By John C. Hueston and Leighton Leib of Irell & Manella LLP
Over the last several weeks, a tug of war has escalated between the Securities and Exchange Commission and the Chinese government - with the Shanghai-based affiliate of a Big Four accounting firm as the rope. The progression of this first-of-its-kind dispute is well worth monitoring, as it may prove to be the bellwether for future conflicts between the stewards of the U.S. financial system and Chinese leadership over the deg...
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