December 14, 2016
The Netherlands member of the Deloitte Touche Tohmatsu Limited Network is being disciplined by the Public Company Accounting Oversight Board to the tune of $300,000.
The regulator found that the firm violated rules and standards related to its system of quality control and independence, according to a PCAOB disciplinary order.
After auditing financial statements for Reed Elsevier and RBS Holdings in 2011 and 2012, the firm allegedly failed to take note of the CEO’s wife’s shares in both companies.
According to a statement by Deloitte Netherlands, once the financial interest issues became known, the CEO immediately stepped down from his position.