Deloitte auditor fined $25,000 by PCAOB

The Public Company Accounting Oversight Board has fined Christopher Anderson, 46, a partner in Deloitte & Touche's Chicago office, $25,000 for his audits of Navistar Financial Corp. He has also been suspended for one year from being associated with a PCAOB-registered accounting firm.

The organization charges that Anderson violated auditing standards by increasing Navistar's quantitative materiality threshold on 10-K forms by 50 percent upon discovering the company overstated their assets, revenues and earnings. He did this even though he believed that the original threshold remained appropriate and understood that the increased threshold would make it easier to treat known misstatements as immaterial, according to the PCAOB.

Deloitte spokesperson Deb Harrington said, "We are pleased that Mr. Anderson and the PCAOB were able to resolve the matter."

For more:
- read this WebCPA.com article

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