US Board Fines Ex-Deloitte Colombia Partner for Audit Violations

The US audit watchdog imposed a $75,000 fine on a former member of Deloitte’s Colombian arm for violating audit standards.

The Public Company Accounting Oversight Board announced Wednesday a settled disciplinary order that sanctions former Deloitte & Touche SAS partner Gabriel Jaime López Díez. López violated PCAOB rules during a 2016 audit of financial institution Bancolombia SA, the order said.

The PCAOB found López didn’t acquire sufficient evidence before signing off on the firm’s audit opinions, according to the order. His failures included inadequate testing of revenue, interest expenses, and the bank’s internal financial guardrails, the oversight board said.

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