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Banco Valencia case sullies Deloitte's reputation



    Judge Pedraz of the Audiencia Nacional, which is one of Spain's highest courts, has added a fraud charge to the list of crimes committed by the Banco de Valencia and its auditor and Deloitte partner, Manuel Monferrer. The judge ruled that 2009 accounts were manipulated after being validated by Deloitte.

    This is one more example of inconsistencies that the auditor created to cover up serious financial situations at the savings banks. The judicial process is going slowly, but surely.

    Soon we should see that the people who caused the savings banks to collapse and tried to hide what really happened will have to take responsibility for their actions while companies and investors lose faith in the accounting firms.