Deloitte to pay $38 million in Delphi case

Deloitte and Touche, auditors of bankrupt US auto-parts corporation Delphi, have agreed to a $38 million settlement over accusations of impropriety and negligence regarding the company’s 2005 accounting scandal. The manufacturer was forced to restate its financial statements for the preceding six years after an internal review found a series of material misstatements by former employees.

When the US Securities and Exchanges Commission (SEC) began their own investigation they found the situation was even worse than first appeared.

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