Federal Contractor Misconduct Database (FCMD)
Failure to Maintain Independence During Audits of Banro Corp.
The Public Company Accounting Oversight Board (PCAOB) censured Deloitte Canada and imposed a $350,000 civil penalty for failing to maintain its independence during its audits of Canadian gold-mining company Banro Corporation. According to PCAOB, Deloitte Canada’s independence from Banro was impaired during audits in 2012, 2013 and 2014 by its reliance on asset valuation reports issued by Venmyn Deloitte (Pty) Ltd., which was actually an affiliate of Deloitte Canada. Deloitte Canada settled the matter without admitting or denying PCAOB’s findings.
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- Enforcement Agency
- Contracting Party
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