Xin Lang Cai Jing·2025-12-15 05:15Core Viewpoint - Jiangsu Securities Regulatory Commission issued a significant penalty against Yongtuo Accounting Firm for failing to perform due diligence, resulting in false records in audit reports and other documents, leading to a total fine of approximately 65.28 million yuan [1][17]. Group 1: Penalty Details - Yongtuo Accounting Firm was ordered to correct its practices, had its business income of 8.11 million yuan confiscated, and faced a total fine of 57.17 million yuan, marking a penalty that is seven times its illegal gains [1][24]. - This penalty is the first instance since the 2019 revision of the Securities Law where an auditing firm has been banned from providing securities services [1][17]. Group 2: Background of Yongtuo Accounting Firm - Established in 1993, Yongtuo is a well-known auditing firm that was the first in the national auditing system to join an international accounting organization [4][20]. - The firm ranked 42nd in the 2024 comprehensive evaluation of accounting firms [5][21]. Group 3: Audit Failures - Yongtuo was found to have committed multiple audit failures for companies such as Hongda Xingye, Hengjiu Technology, and Kelin Environmental Protection, where it issued audit reports with false records [6][22]. - Specific failures included a lack of diligence in audits and significant defects in audit procedures and quality control [6][22][23]. Group 4: Accountability of Individuals - Nine individuals associated with Yongtuo were penalized, with project partner Chen Xiaohong receiving a fine of 4 million yuan and a lifetime ban from the securities market [8][24]. - Other key individuals, including the firm's chief partner, were also fined and faced varying lengths of market bans [8][25]. Group 5: Previous Penalties - This is not the first penalty for Yongtuo in 2025, as it had previously received fines from the Fujian Securities Regulatory Bureau for similar issues [10][26]. - In September 2025, Yongtuo was fined 11.32 million yuan for its involvement in the fraudulent activities of Yan'an Bikon, highlighting a pattern of regulatory scrutiny [13][29].