Ahold auditor cleared of negligence
Deloitte has been cleared of any 'reckless' and 'negligent' handling in its role as auditor of heavily investigated Dutch retailer Ahold.
Link: Ahold execs to be indicted
The District of Maryland Court judge threw out claims brought against the Big Four firm by US Ahold shareholders. The claims centred around Deloitte’s role as auditor of Ahold during which time the retailer revealed £2bn of accounting irregularities concerning itself and US subsidiary US Foodservice in 2002.
But a new investigation has been launched by the Dutch commercial court Amsterdam Enterprise Chamber into Ahold’s accounting irregularities. It will consider Ahold’s acquisition of US Foodservice and the supervision of internal controls at Ahold operating companies.