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In its first disciplinary action against a large audit firm, the Public Company Accounting Oversight Board (PCAOB) levied a $1 million civil penalty against Deloitte & Touche LLP and disciplined a former audit partner for problems with the 2003 audit of Ligand Pharmaceuticals Inc. Later, Ligand had to restate, cutting sales $59 million and reporting a net loss 2.5 times the amount originally recognized.

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