PracticeAccounting FirmsAhold auditors stand by work

Ahold auditors stand by work

Deloitte & Touche, the auditor of Ahold, stands by its work carried out at the Dutch supermarket giant after a $500m (£317m) overstatement error was revealed yesterday.

Link: Dutch supermarket admits £317m error

Last night, the firm insisted it had done its job properly. This was backed up by an admission made by Ahold, which read: ‘The decision to proportionally consolidate was made on the basis of information that had not previously been made available to the company’s auditors.’

Furthermore, analysts claimed that problems with booking vendor allowances – believed to stem from its distribution service, US Food Service – had been detected by Deloitte, a report in the FT said today.

Deloitte said financial irregularities had been alerted to management.

Yesterday, following the reported overstatement, Ahold’s audit committee has appointed independent forensic accountants to investigate the matter and certain senior executives of the US Foodservice purchasing and marketing management team have been suspended.

Deloitte has audited Ahold for more than 15 years.

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

4d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

4w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin