Tuesday, December 11, 2007
The Public Company Accounting Oversight Board fined Deloitte & Touche $1 million and censured the firm for shoddy work in auditing the books of Ligand Pharmaceuticals. It is the board's first enforcement action against a Big Four Accounting firm. D&T agreed to settle charges that it failed to perform appropriate and adequate procedures in a 2004 audit. The company later had to restate its financial results for the period because of non-compliance with GAAP. WSJ, Deloitte Receives $1 Million Fine.