# Audit Failure

Teeth and Thorns: China’s $34 Million Audit Fine Signals New Era of Gatekeeper Accountability

Chinese regulators have fined audit firm Zhongxingcai Guanghua 243 million RMB for its failure to uncover systemic fraud at the Dongxu Group. The penalty marks a significant escalation in the CSRC's 'teeth and thorns' campaign to hold financial gatekeepers accountable for corporate malpractice.