Banned accountant reinstated by SEC

A Deloitte auditor who was banned in 2005 from practising as an accountant
for improper professional conduct has been reinstated by the Securities and
Exchange Commission (SEC).

William Caswell was suspended for to his part in auditing Adelphia
Communications’ accounts for the year ended December 31, 2000. At that time,
Caswell was a director and held the most senior position on the Adelphia

The SEC found that Adelphia had understated its co-borrowing debt by $1.6bn
and said Caswell should have been aware the accounts had not been prepared in
accordance with US GAAP regulations.

His suspension was part of a settlement reached in 2005 between the regulator
and Caswell. Under the terms of the original deal, he became eligible to apply
for reinstatement after two years.

The SEC said he had complied with all the terms of the order, and could now
practise again, subject to his work being reviewed by the independent audit
commission at any company he works for.

Related reading