Bye, bye Deloitte

Accounting firms should take note of a potential new business opportunity: it looks like the New Jersey Sports and Exposition Authority (NJSEA) will have little choice but to dump Deloitte as their auditing firm.   This week, State Sen. Kevin O’Toole (R-Cedar Grove) became the latest public official to endorse State Comptroller Matthew Boxer’s recommendation that government agencies should change auditors every ten years and not use firms that contribute to political campaigns of decision makers. Deloitte has been the NJSEA auditing firm since at least 1997; since then, employees have contributed over $200,000 to gubernatorial candidates, state political parties, and inaugural committees.  The NJSEA CFO, Joseph Consolazio, was at Deloitte (then Touche Ross) before joining the sports authority in 1998; now his ex-partners audit his work.  Gov. Christopher Christie has said he supports Boxer’s plan.  Deloitte has been more than six months behind in their audits since Carl Goldberg became NJSEA chairman six years ago.

Bye, bye Deloitte