PracticeAccounting FirmsDeloitte partner suspended for erroneous audit

Deloitte partner suspended for erroneous audit

A Deloitte partner has been suspended and fined $25,000 for signing off on erroneous Navistar financial report

A
Deloitte
& Touche
partner who signed off on an erroneous
Navistar Financial
Corp
financial report will be suspended from auditing public companies for
one year and fined $25,000 (£15,500) by the Public Company Accounting Oversight
Board (PCAOB).

Christopher Anderson of Lake Forest, Illinois, agreed to the disciplinary
action by PCAOB, which said Navistar and its parent company, truck maker
Navistar International Corp (NAV), discovered close to S20m of errors in 2003,
which inflated the financial unit’s earnings, and made last minute adjustments
to avoid alerting Wall Street analysts, CNN reports.

The oversight board said that, under the original threshold, the errors were
big enough to be material. The bulk of the errors involved holdings by
Navistar’s financial unit in previously securitised loans and leases.

Anderson failed to bring ‘due care and professional skepticism’ to Navistar’s
2003 results and failed to collect enough evidence to issue a clean opinion of
them, the oversight board said.

Further reading:

Read
the CNN story

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