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AN ITALIAN judge has backed criticism from Deloitte and others that the investigation into the E10 billion accounting fraud at Parmalat was carried out too hastily. Judge Guido Piffer last week turned down a request from prosecutors to charge Deloitte, a former Grant Thornton member firm and four external auditors among the 29 people and three organisations to face trial first. However, the judge believes there is already sufficient evidence to charge both former Grant Thornton auditors.
Adolfo Mamoli and Giuseppe Rovelli of Deloitte Touche SpA, and Lorenzo Penca and Maurizio Bianchi (auditors of Grant Thornton International's Italian member firm that was expelled in January and rebranded Italaudit) were the four external auditors named by the prosecutors in their fast-track request to the judge last month.
Judge Piffer rejected the requests to fast track a trial for suspects in the Parmalat fraud in their totality.
"We did things quickly because there were big expectations on the part of public opinion," said Angelo Curto, Milan's deputy chief prosecutor. The fast-track process could have seen a trial...