The Dutch equivalent of the ICAEW has refuted a report by the Financial Times that it intends to look at Deloitte & Touche's audit work at Dutch super grocer Ahold, after a $500m hole in the accounts was uncovered.
Link: Ahold: Dutch regulator to look at Deloitte
On the contrary, the Netherlands Institute of Registered Accountants (Nivra) praised Deloittes for refusing to sign Ahold’s 2002 results, at the risk of losing its client.
‘I don’t know where the FT has got this from.
‘The Ahold case was brought to light because the accountant would not sign the annual report. That is a good thing,’ a Nivra spokeswoman stressed.
While Deloittes signed Ahold’s 2001 report, which is when its problems started, Nivra argued it was not obvious they were significant from the start nor whether the firm should have played a role in discovering them.
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