Deloitte was accused on Monday of failing to detect fraud during its audits of one of the biggest private mortgage firms to collapse during the U.S. housing crash.
http://www.reuters.com/article/2011/09/27/us-Deloitte-mortgage-idUSTRE7…
["Deloitte missed this fraud because it simply accepted management's conflicting, incomplete and often last-minute explanations of highly-questionable transactions, even though those explanations made no sense and were flatly contradicted by the documents in Deloitte's possession," the complaint by Ocala Funding said.]
What does this mean for the world's largest professional services firm? (190,000 ees, $28 billion in revenues)
those partners are fucked....
These law suits spring up all the time on the audit side. Usually not quite this large though, but still. I wouldn't worry too much at this stage (not that I give a shit because these things never impact the consulting side). Pretty sure EY is about to get sued (or maybe already have) for the whole Sino Forest debacle. It just comes with the territory.
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