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Record fine for Deloitte

15 December 2016

The US audit watchdog has fined Deloitte’s Brazilian division a record $8m for falsifying audit reports, altering documents and providing false testimony.

The Public Company Accounting Oversight Board has also sanctioned 12 former partners and other officials for their roles in the scandal.

Director of Enforcement, Claudius Modesti, said: “This is the most serious misconduct we’ve uncovered. It’s cover-up after cover-up after cover-up.”
He went on: “As an investor you are expecting that the audit was done properly and sufficiently and that wasn’t the case.”

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