SEC Fines Auditor Deloitte $1 Million For Violating Independence Rules

By Francine McKennaMarketWatch Pulse

The Securities and Exchange Commission announced a $1 million settlement with Deloitte and Touche LLP for violations of auditor independence rules on Wednesday. The SEC said Deloitte failed to follow its own policies prior to entering into a new consulting business relationship with a trustee, Andrew Boynton, on the board of three funds it audited. Boynton and the funds' administrator ALPS Fund Services also settled SEC charges of causing related reporting violations by the funds and related compliance violations.

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