In 2013 I had a couple of posts about the ineptitude of Deloitte, Touche. Apparently, the firm has not improved. This time the problem is in Spain. The firm was the auditor for Spain’s two biggest bankruptcies ever, Bankia (2011-2012) and Abengoa (2015-?).
With Bankia not only did Deloitte audit the books, it also built Bankia’s balances. The firm had to pay a €12 million fine for “seriously” infringing Spain’s auditing laws; yet it still audits the state-owned bank’s books.
The firm seemed to look the other way with Abengoa; it failed to notice a mountain of debt piling up on the books during the three years that it served as the firm’s auditor.
No comments:
Post a Comment