RegAlert2004-03-22
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SEC Office of the Chief Accountant staff letter: Letter from SEC Office of the Chief Accountant to Deloitte Touche Tohmatsu re: Auditor Independence
The Office of the Chief Accountant will not recommend an enforcement action asserting that Deloitte Touche Tohmatsu lacks independence due to its former consulting business, ABeam Consulting Ltd., providing services to audit clients, provided specific divestiture conditions are met. These conditions require that neither Deloitte nor its affiliates retain any equity interest in ABeam, maintain separate corporate governance and financial structures, and prohibit revenue sharing or joint marketing. The staff's position is contingent upon continued compliance with these terms and allows for transitional shared services and limited name usage under strict separation requirements.
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March 22, 2004
Deloitte Touche Tohmatsu Mr. Charles A. Horstmann 1633 Broadway New York, New York 10019-6754
Dear Mr. Horstmann:
The staff has reviewed your letter of March 18, 2004 concerning Deloitte Touche Tohmatsu's ("DTT") sale by its member firm Tohmatsu & Co. of its consulting service business operated under the name ABeam Consulting Ltd.(referred to as "ABeam") to the partners of ABeam (referred to as the "ABeam Partners"). In your letter, you detail key terms of the transaction and conditions that DTT, including entities that have been considered part of DTT under Rule 2-01(f)(2) of Regulation S-X, have or will comply with in connection with the completion of the transaction. Your letter concludes that, based on its compliance with those terms and conditions, DTT should not be considered to have a "mutual or conflicting interest" or a "direct or material indirect business relationship" with, or a "direct financial interest or material indirect financial interest" in, any of its audit clients that are also clients of or enter into business relationships with or invest in ABeam, or that are invested in by ABeam or any departing ABeam Partners or employees.
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