U.S. SEC, Deloitte resolve dispute over Longtop audit work papers

WASHINGTON Mon Jan 27, 2014 4:10pm EST

WASHINGTON Jan 27 (Reuters) - U.S. regulators and a Chinese unit of Deloitte have resolved a more than two-year-old legal dispute over gaining access to audit work papers in connection with a fraud investigation into Longtop Financial Technologies.

The Securities and Exchange Commission and Deloitte Touche Tohmatsu CPA Ltd filed a joint motion to have the case dismissed on Monday in U.S. District Court for the District of Columbia, with the SEC telling the court that Chinese regulators have since turned over many of the documents being sought.

The resolution of the case comes roughly a week after an SEC administrative law judge sided with the agency in a different case against the "Big Four" accounting firms over a similar dispute. The judge suspended the Big Four's Chinese units from practicing in the United States for failing to turn over audit documents.

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