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PCAOB hits Deloitte again, this time at Netherlands affiliate

Tammy Whitehouse | December 14, 2016

Deloitte has taken another enforcement hit from the Public Company Accounting Oversight Board, this time for independence violations at an affiliate in the Netherlands.

The PCAOB censured Deloitte Accountants B.V. and fined the firm $300,000 for auditing financial statements for two entities in which the CEO’s wife held shares through a family foundation trust. The PCAOB says the firm audited financial statements for Reed Elsevier and RBS Holdings in 2011 and 2012, failing to notice that the CEO’s wife’s family trust, of which she was a board member, held shares in both companies.

The PCAOB disciplinary order says the firm lacked adequate policies and procedures that would provide reasonable assurance that individuals who ascended to leadership positions in the firm did not have financial interests that would violate independence rules. The firm failed to check on...

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