The Securities and Exchange Commission has barred Rochester, N.Y.-based accounting firm EFP Rotenberg from auditing any U.S.-traded companies based in China and fined the firm $50,000, alleging that it mishandled the audit of a Chinese travel company, The Wall Street Journal reports.
The SEC claims that EFP Rotenberg did not adequately plan its audit of China’s Universal Travel Group and failed to obtain sufficient evidence and show enough professional skepticism when it gave the company’s financial statements the all-clear, according to The Wall Street Journal.
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