PCAOB fine Deloitte $1 million

The Public Company Accounting Oversight Board (PCAOB) has fined Deloitte $1 million for failure “to perform appropriate and adequate procedures” in relation to the audit of Ligand Pharmaceuticals. It is the first time the PCAOB has used the disciplinary powers granted to it by Sarbanes-Oxley Act.

The board accused Deloitte of deliberately botching the audit by entrusting to a partner it knew to be a poor auditor.

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