Deloitte charged $1 million by SEC for violating auditor independence rules
Deloitte &amp; Touche is to pay more than $1mn for violating auditor independence rules, after its consulting arm maintained a relationship with a trustee who was on the boards for funds Deloitte audited. &nbsp;The Securities and Exchange Commission (SEC) rules require that auditors maintain a degree of independence from clients whose books they review.
The Securities and Exchange Commission announced a $1 million settlement with Deloitte and Touche LLP for violations of auditor independence rules on Wednesday. The SEC said Deloitte failed to follow its own policies prior to entering into a new consulting business relationship with a trustee, Andrew Boynton, on the board of three funds it audited. Boynton and the funds' administrator ALPS Fund Services also settled SEC charges of causing related reporting violations by the funds and related compliance violations.