The Securities and Exchange Commission has charged Deloitte & Touche with violating auditor independence rules after it failed to notice a consulting affiliate had a business relationship with an audit client. Deloitte agreed to settle the charges for $1.1 million.
The SEC order says Deloitte Consulting struck up a relationship in 2006 with Andrew Boynton, a trustee serving on the boards and audit committees of three funds that Deloitte audited through 2011. The SEC also charged Boynton and ALPS Fund Services, the administrator of the three funds Deloitte audited, for their failures to flag the relationship as well.
