PCAOB Announces Settled Disciplinary Order Against Deloitte

The Public Company Accounting Oversight Board (PCAOB) has reached a settlement censuring Deloitte & Touche and imposing a $2 million civil penalty against the firm for violating the Sarbanes-Oxley Act and PCAOB rules.

The PCAOB says Deloitte allowed a former partner to perform or continue to perform activities as an “associated person” that were banned while he was subject to a PCAOB suspension order. The board also ordered Deloitte to ensure that similar violations do not occur in the future. Deloitte consented to the order without admitting or denying the board’s findings. The $2 million penalty against the firm is the PCAOB’s single largest civil money penalty.