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Deloitte & Touche Fined $1M For Drug Co. Audit

Law360 (December 10, 2007, 12:00 AM EST) -- Financial services firm Deloitte & Touche LLP has been censured and fined $1 million by the Public Company Accounting Oversight Board for violations of auditing standards in connection with a 2003 audit for drug maker Ligand Pharmaceuticals Inc.

The accounting regulatory body said in a statement Monday Deloitte agreed to pay the penalty without admitting or denying the allegations. The PCAOB said the accounting giant had also consented as part of the order to improve its quality controls and put in place procedures to identify potential...
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