Deloitte – Tolerant And Forgiving of Bad AccountantsBy Francine • Nov 10th, 2008 • Category: Audit Quality, Deloitte, PricewaterhouseCoopers
It’s been an interesting few days. I’ve finally stopped receiving poison pen letters from PwC apologists because of my doubts about their bandwith and qualifications for the TARP work. All last week I pondered the implications of the Deloitte insider trading scandal before events overtook me and I finally had to post something more than Tweets on the issue.
A senior Deloitte accountant who audited Adelphia Communications Corp.’s fraudulent financial statements in 2000 has been reinstated by the Securities and Exchange Commission after being banned from auditing public company statements for two years.
William Caswell, who headed a team of 20 accountants and tax professionals and reported to Deloitte’s engagement partner during Adelphia’s audit in 2000, assisted the SEC investigation into shortcomings surrounding Deloitte’s 2000 audit and “has shown good cause for reinstatement,” a June 25 commission order said…
Deloitte spokeswoman Deb Harrington declined comment. In a response to a request to speak with Mr. Caswell, Ms. Harrington said he declined comment. Mr. Caswell, as part of his 2005 settlement with the SEC, neither admitted nor denied wrongdoing.
William Caswell, suspended by the SEC for the Adelphia audit, where Deloitte paid $50 million to the SEC to settle charges against the firm, was still working for Deloitte when the SEC reinstated him?
The PCAOB slapped Deloitte & Touche Audit Partner Christopher Anderson with a one-year suspension from public company audit work, a $25,000 fine, and a one-year restriction on his audit abilities when his suspension expires for his role in the audit of 2003 financial statements for Navistar Financial Corp. The disciplinary order does not make any findings against the audit firm…
Deloitte representative Deborah Harrington said Anderson remains with Deloitte “with responsibilities consistent with the settlement.” The disciplinary action suspends him “from being associated with a registered public accounting firm,” which specifically is Deloitte & Touche LLP, the firm that is registered with the PCAOB.