The head of Big Four accounting firm Deloitte defended his firm's work and reportedly suggested that Grant Thornton's former Italian affiliate may have withheld information during audit work on Parmalat, the Italian dairy giant that imploded amid allegations of widespread accounting fraud.
Deloitte's global chief executive, Bill Parrett, acknowledged that it took the firm three years to spot the alleged fraud at Parmalat, but claimed that the Italian arm of Grant Thornton, which had previously served as Parmalat's chief auditor, made Deloitte's task more difficult, the Financial Times reported this week.
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