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SEC Says Calif. Auditor Was Soft On Chinese Valve Co.

By Jody Godoy ( February 12, 2016, 5:32 PM EST) -- California accounting firm Frazer LLP and two employees didn't scrutinize an acquisition and reported tax payments by energy industry component manufacturer China Valves Technology Inc., even though they had spotted potential problems, the U.S. Securities and Exchange Commission alleged Thursday in an administrative proceeding....

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