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The government awards contracts to companies with histories of misconduct such as contract fraud and environmental, ethics, and labor violations. In the absence of a centralized federal database listing instances of misconduct, the Project On Government Oversight (POGO) is providing such data. We believe that it will lead to improved contracting decisions and public access to information about how the government spends hundreds of billions of taxpayer money each year on goods and services. Report an instance of misconduct »

Deloitte LLP

2007 PCAOB Audit

Date: 05/19/2008 (Date of Report)

Misconduct Type: Other

Enforcement Agency: PCAOB

Contracting Party: None

Court Type: N/A

Amount: $0

Disposition: Investigative Finding

Synopsis: A 2007 inspection of Deloitte & Touche LLP by the Public Company Accounting Oversight Board (PCAOB), a private, non-profit corporation created by Congress in 2002 to oversee registered public accounting firms, found deficiencies in the firm’s auditing practices. A review of selected Deloitte audits found failures to identify or appropriately address errors in the issuer's application of GAAP (Generally Accepted Accounting Principles) and failures to perform certain necessary audit procedures. The inspection also found deficiencies with regard to Deloitte’s system of foreign affiliates, namely, the firm’s ability to assess a foreign office’s qualifications and familiarity with U.S. GAAP, PCAOB standards, and SEC reporting requirements.