& Touche has agreed to pay $US38.25m (?19m) out of a $325m settlement of
investor claims for misconduct by Delphi Corp, USA’s biggest auto parts
supplier, and those looking after its finances.
Delphi filed for bankruptcy protection
in 2005, admitting hundreds of millions of dollars in earnings since were
invalid. Deloitte & Touche, now part of the privately owned Deloitte Touche
Tohmatsu, served as Delphi’s outside accountant.
An investigation by USA’s Securities and Exchange Commission found Delphi
manipulated its earnings from 2000 to 2004, using several illegal schemes to
boost its earnings, including the concealment of a $US237m transaction in 2000
with GM involving warranty costs.
The agreement announced Thursday requires approval by a US federal judge and
is part of a $US325m settlement of investor claims over the accounting issue.
Delphi agreed to pay about $US205m and Delphi’s insurers and banks paid the
Mazars has announced the appointment of Michael Tripp as the new head of financial services
A new leader, Darra Singh has been appointed to lead EY’s UK government and public sector practice
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com