Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, December 11, 2007

PCAOB Censures D&T

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.

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