The Public Company Accounting Oversight Board has imposed a $1 million penalty on Deloitte & Touche and issued orders instituting disciplinary proceedings against the firm and one of its former audit partners for a 2003 audit of Ligand Pharmaceuticals.
The PCAOB said Deloitte had consented to the civil money penalty and would also make changes in its procedures. Deloitte's former audit partner, James L. Fazio, 46, has consented to an order barring him from being an associated person of a public accounting firm registered with the PCAOB, although he may reapply after two years. Fazio resigned from Deloitte in 2005.
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