The Public Company Accounting Oversight Board issued the latest inspection report of Deloitte & Touche, noting problems with nine audits performed by the firm last year.
With two unidentified clients, the PCAOB said that Deloitte failed to identify a departure from generally accepted accounting principles that it should have addressed before issuing its audit report. In both cases, the clients incorrectly concluded that interest rate swaps qualified for hedge accounting using the short-cut method in Statement of Financial Accounting Standards No. 133.
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