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SEC Prosecutions

SEC Prosecutions

SEC Sanctions Accounting Firm and Engagement Partner for Faulty Audit Work on China-Based Issuer

In the Matter of Moore Stephens Wurth Frazer & Torbet LLP and K. Dean Yamagata, CPA, Respondents

  • 2010
  • $129,500

First-of-its-kind disciplinary action against a U.S. auditor based on work for a China-based U.S. issuer. Respondents included the firm and its engagement partner, who were charged with improper professional conduct in connection with annual audits and quarterly reviews of the financial statements of China Energy Savings Technology, Inc. Among other things, despite heightened risk, respondents issued unqualified audit opinions about annual and interim reports which contained misstatements.

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