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January 28, 2023

Don’t Worry Everyone, Deloitte Totally Has This Future of Audits Thing Down

Exhibit A:


This is courtesy the Big 4 firm that brought you Parmalat, Bear Stearns, MG Rover, Taylor, Bean & Whitaker… you get the point. But hey, shit happens amiright?

Oh, they also brought you this guy:

The Public Company Accounting Oversight Board censured Deloitte & Touche LLP yesterday and imposed a $2 million civil penalty against the firm for violating the Sarbanes-Oxley Act and PCAOB rules when it permitted Christopher E. Anderson, a former partner, to perform or continue to perform activities as an “associated person” that were prohibited while he was subject to a PCAOB suspension order.

In their defense, they did come in as best of the worst according to the PCAOB's 2012 inspection reports at 25%, which means three out of four audits were good enough. HOO-RAH!

From the report linked to in the tweet so you can basically just ignore everything I wrote and trust that Deloitte has this, y'all, don't even worry about it:

Deloitte member firms pride themselves on consistently delivering world-class audits and fulfilling a public-interest role. As the financial landscape evolves rapidly, Deloitte is executing a wide range of innovative measures to continually raise the bar for future audits.

"As leaders of the profession, we are devoted to instilling a culture of professional excellence into everything we do and are committed to enhancing the trust of the investing public, the capital markets, and member firm clients," says Carlos Sabater, Deloitte Global Audit and ERS Leader. "Audit quality will always be our top priority with the utmost focus and attention across the entire organization."

Capital markets feel more trustworthy already! To which Nigerian prince shall I make out a check?

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