Deloitte Zimbabwe SEC Settlement

Paul, Weiss represented Deloitte & Touche Chartered Accountants, Deloitte’s Zimbabwe affiliate, in the favorable resolution of an investigation into its work auditing the local operations of a U.S. issuer for BDO Canada LLP, the issuer’s principal auditor. The investigation by the Securities & Exchange Commission focused on Deloitte Zimbabwe’s “substantial role” in the audits of a U.S. issuer without having registered with the Public Company Accounting Oversight Board (PCAOB), as required under U.S. law. The settlement with the SEC does not include a civil penalty and does not require Deloitte Zimbabwe to register. In the settlement order, the SEC credits Deloitte Zimbabwe’s “remedial acts promptly undertaken . . . and cooperation afforded the Commission staff.” 

The Paul, Weiss team representing Deloitte Zimbabwe included litigation partner Walter Ricciardi.