The Public Company Accounting Oversight Board is disciplining Deloitte Accountants NV, imposing a civil monetary penalty of $300,000 on the Netherlands member of the Deloitte Touche Tohmatsu Limited network.
The PCAOB said it was imposing the sanctions on the basis of findings that the Rotterdam-based firm violated rules and standards related to its system of quality control and independence. The independence violations occurred during audits of the 2011 and 2012 financial statements of the financial services company RBS Holdings and publisher Reed Elsevier because of financial interests that the spouse of the firm’s then CEO and managing partner, Piet Hein Meeter, held through a Dutch family foundation trust. Meeter is now Deloitte’s global leader of legal services.
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