SEC Charges Deloitte Touche with Auditor Independence Violations

The SEC charged Deloitte Touche LLP ("Deloitte") with violating auditor independence rules.

According to the SEC, Deloitte violated rules that concern the appearance of independence by not following its own procedures for conducting an independence consultation before entering into a new business relationship with a trustee, and by not realizing that it had failed to do so until nearly five years later.

The SEC also found that in audit reports, Deloitte represented that it was independent of the three funds even as its trustee served on their boards and audit committees simultaneously.

See: Press Release; SEC Order.