Deloitte Japan to Pay $2 Million to Settle SEC Probe

Deloitte Japan has agreed to pay $2 million to settle with the SEC, which says the firm violated auditor independence rules by issuing audit reports for a client when dozens of employees, including the firm’s CEO, maintained bank accounts with the client’s unit.

Deloitte Japan’s former CEO Futomichi Amano and former reputation and risk leader and director of independence Yuji Itagaki settled related charges.

Amano and Itagaki agreed to be suspended from appearing and practicing before the Securities and Exchange Commission accountants.

In total, 88 Deloitte Japan staff members, including auditors and partners, held accounts at the client’s subsidiary from ...