China Conducts Large-Scale Audit Reviews on Biggest Mutual Funds

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China’s audit office is conducting comprehensive on-site inspections of the country’s biggest mutual funds, marking one of its most thorough examinations into the industry, according to people familiar with the matter.

The National Audit Office sent a team of about a dozen staff each to at least 10 of China’s top mutual funds in the past weeks, the people said, requesting not to be named because the matter is private. They screened through documents, focusing on expenses, the people added.