{"id":784,"date":"2007-06-22T07:14:18","date_gmt":"2007-06-22T12:14:18","guid":{"rendered":"http:\/\/www.sequence-inc.com\/fraudfiles\/2007\/06\/22\/pcaob-slaps-deloitte-on-the-hand-sort-of\/"},"modified":"2011-10-28T07:47:23","modified_gmt":"2011-10-28T12:47:23","slug":"pcaob-slaps-deloitte-on-the-hand-sort-of","status":"publish","type":"post","link":"https:\/\/www.sequenceinc.com\/fraudfiles\/pcaob-slaps-deloitte-on-the-hand-sort-of\/","title":{"rendered":"PCAOB Slaps Deloitte on the Hand, Sort Of"},"content":{"rendered":"<p>According to CFO.com, the most recent <a href=\"http:\/\/www.cfo.com\/article.cfm\/9355231?f=members_062107\">evaluation of Deloitte &amp; Touche<\/a> by the Public Company Accounting Oversight Board has them coming up a bit short. The PCAOB report said that four times in 2005, Deoitte failed to do enough work related to its audit clients&#8217; fair value calculations. The auditors did not do enough testing to confirm management&#8217;s assertions related to those fair values.<\/p>\n<p>This is the third time PCAOB has inspected Deloitte&#8217;s work, and the Board found &#8220;significant audit deficiencies&#8221; with eight of Deloitte&#8217;s clients. Some of the errors by the auditors may be material to the financial statements they audited.<\/p>\n<p>Following the inspection by PCAOB, one of Deloitte&#8217;s clients has already issued a restatement related to the fair value of warrants issued to purchase common stock.<\/p>\n<p>The eight audits with deficiencies represent an improvement for Deloitte. The inspection of its 2005 work uncovered audit deficiencies at 17 of Deloitte&#8217;s clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to CFO.com, the most recent evaluation of Deloitte &amp; Touche by the Public Company Accounting Oversight Board has them coming up a bit short. The PCAOB report said that four times in 2005, Deoitte failed to do enough work [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":["post-784","post","type-post","status-publish","format-standard","hentry","category-fraud-news-stories"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6Z0e-cE","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/comments?post=784"}],"version-history":[{"count":0,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/784\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/media?parent=784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/categories?post=784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/tags?post=784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}