DeloitteTouche Tohmatsu (well known by its brand name Deloitte) is one of the Big Four auditors, a group of the largest international public accountancy firms, and the second largest professional services firm in the world after PricewaterhouseCoopers.
In 1993, the international firm was renamed DeloitteTouche Tohmatsu, the third name coming from the firm Tohmatsu and Co, which merged into Touche Ross in 1975.
DeloitteTouche Tohmatsu is a Swiss Verein, a membership organization under the Swiss Civil Code whereby each member firm is a separate and independent legal entity.
In a related administrative proceeding, the Commission censured Deloitte for improper professional conduct under Rule 102(e) of the Commission's Rules of Practice, and Deloitte agreed to pay an additional $25 million into a fund to compensate victims of Adelphia's fraud, making a total of $50 million to be paid to victims of Adelphia's fraud.
The Commission's complaint against Deloitte alleges that, during Deloitte's audit of Adelphia's financial statements for the year ended December 31, 2000, Deloitte failed to implement audit procedures designed to detect the illegal acts at Adelphia and failed to implement audit procedures designed to identify material related party transactions or related party transactions otherwise requiring disclosure.
Deloitte has consented to the entry of an order requiring the firm to pay a civil money penalty pursuant to Section 21(d)(3) of the Exchange Act of $25 million and disgorgement of $1, which will be deposited into a fund to compensate victims of Adelphia's fraud.
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