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Daily Markets Update: U.S. Yields Hit Highest Since 2002, TSX Starts Q4 Weak

  The short version: Bond yields, not stocks, are running the show to start the fourth quarter. The U.S. 10-year Treasury yield touched about 5.33% overnight and the 30-year about 5.66%, both the highest since 2002, after Treasuries posted their worst quarter since 1994. The S&P/TSX Composite slipped 0.6% on Wednesday to 35,235.87, but still wrapped a record ninth straight quarterly gain. Overnight, Micron’s blowout results sent Japan’s Nikkei up 3.3%, while Europe and Australia sold off. Wall Street futures are mixed ahead of a busy data day and Friday’s U.S. jobs report. Canada: TSX Ends Q3 Higher, but Closes September on a Down Note Canada (Wed close) Level Change % S&P/TSX Composite 35,235.87 −224.40 −0.63% TSX Venture 881.93 −5.43 −0.61% Canadian dollar (US¢) 70.27 −0.19 −0.27% Seven of the TSX’s 12 sub-groups fell. Banks and miners did the damage: RBC lost 1.1% and TD 0.9% as higher yields raised worries about credit, while gold miners gave back early gains (Franco-N...
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How Deloitte's audit work was backdated and why CPA Ontario fined them $1.59-million

 


Deloitte is one of the Big Four accounting firms that provide audit, tax, consulting and financial advisory services to clients worldwide. As a professional service provider, Deloitte is expected to adhere to high standards of quality, ethics and integrity in its work. However, in a recent disciplinary case, Deloitte admitted that it had violated several rules and regulations of the Chartered Professional Accountants of Ontario (CPA Ontario), the regulatory body that oversees the accounting profession in the province.

According to CPA Ontario, Deloitte and some of its partners and staff engaged in improper conduct in relation to the audits of two public companies, identified as Company A and Company B, for the fiscal years 2014 to 2016. The improper conduct included backdating audit workpapers, altering or deleting audit evidence, failing to obtain sufficient and appropriate audit evidence, failing to exercise professional skepticism and due care, and failing to comply with the Canadian Auditing Standards.

CPA Ontario also found that Deloitte failed to report the improper conduct to the regulator, as required by the bylaws, and failed to cooperate fully with the regulator's investigation. Deloitte also failed to implement adequate quality control policies and procedures to prevent or detect such improper conduct.

As a result of these findings, CPA Ontario imposed a total of $1.59-million in penalties on Deloitte and its partners and staff involved in the case. The penalties included fines, costs, reprimands, suspensions and restrictions on practice. Deloitte agreed to pay the penalties and admitted to the facts and liability in a settlement agreement with CPA Ontario.

The disciplinary case is a serious blow to Deloitte's reputation and credibility as an auditor. It also raises questions about the quality and reliability of the audits performed by Deloitte for other clients. The case also highlights the importance of having effective oversight and enforcement mechanisms for the accounting profession, to protect the public interest and maintain trust in the financial reporting system.


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