Deloitte's Work for Ahold Raises Audit Questions

Deloitte and Touche may soon face more legal woes following the revelation by its client, Ahold NV, that its earnings since 2001 have been overstated by $500m. Although Ahold said that the misstatement was discovered by Deloitte as it conducted a year-end audit for 2002, industry experts say liability is still a possibility for the accounting firm.

Its Amsterdam office stated that the Dutch retailer's 2001 results were in line with accounting standards even after it emerged that the audited statements had to be revised.

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