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Deloitte Japan settles $2 million independence charge

Tammy Whitehouse | February 13, 2019

Deloitte Japan has agreed to a $2 million penalty to settle charges with the Securities and Exchange Commission over independence violations.

The SEC says Deloitte Japan issued audit reports for an unnamed foreign private issuer while “dozens” of Deloitte Japan employees, including former CEO Futomichi Amano and former director of independence Yuji Itagaki, had bank accounts with a subsidiary of the company. SEC rules prohibit auditors from having bank accounts with audit clients with balances that exceed insured limits.

According to the SEC’s enforcement order, Deloitte Japan discovered in February 2014 during a routine independence...

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