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 March 13, 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 (Picture).

Involved fees earner: Walter Ricciardi – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Deloitte;

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Author: Ambrogio Visconti