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PCAOB fines Deloitte over software revenue errors

Tammy Whitehouse | May 25, 2018

Audit regulators have censured and fined Deloitte & Touche over a series of self-reported accounting errors that led to restatement at technology firm Jack Henry & Associates.

The Public Company Accounting Oversight Board settled charges with Deloitte with a $500,000 civil penalty over material accounting mistakes in three consecutive audits. The Securities and Exchange Commission earlier extracted a $780,000 penalty from Jack Henry for failing to report revenue from software license sales in the correct accounting periods.

The PCAOB says the accounting errors and related audit failures surfaced when the PCAOB notified Deloitte in late 2014 that the Jack Henry audit had been selected for inspection. That prompted the firm to review its work and discover the mistakes, which the firm called to the PCAOB’s...

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