Deloitte partners defend Parmalat work

Link: Parmalat special report

In the memo, released by Deloitte, the two accused partners Adolfo Mamoli and Guiseppe Rovelli state the following in response to each of the assertions:

  • Grant Thornton, the secondary auditors, issued clean audit opinions, on which Deloitte Italy had the right to rely;
  • The suggestion that the partners improperly influenced Parmalat’s stock price through their actions is completely without merit;
  • There is no basis for the allegation that they obstructed the work of Consob from July 2003. In fact, Giuseppe Rovelli, the auditor at this time, co-operated fully and responded to all requests for information in his possession at the time, which he had no reason to doubt was anything other than true and accurate.
  • Lastly, Adolfo Mamoli and Giuseppe Rovelli categorically rejected any assertions that they were associated with false communications made by other parties now under investigation.’

The memos were issued after the partners declined to meet with the prosecutor today to be interviewed in relation to the charges.

Mamoli and Rovelli received the charges on the 27 February 2004, and Deloitte said they had ‘no right or ability to identify or review those items in the four days between receipt of the notice and the specified interview date’.

‘The partners have reserved the right to respond to the charges at a later date when they have had the opportunity to review the documents on which the prosecutor has based his assertions,’ Deloitte said.

The firm also said it would vigorously defend its people to clear them of all allegations and was confident the two would be vindicated once the full facts are made known.

Deloitte was primary auditor at Parmalat from 1999 to 2003.

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