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.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access