Wednesday, June 24, 2009

Ernst & Young drops gagging order on critical Equitable Life report

Posted by Plus Master at 10:06 AM
 
Ernst & Young, the "Big Four" accounting firm, faces a devastating blow to its reputation after failing to block the publication of a damning report into its audit of the stricken insurer Equitable Life.

For the past six months, the group has gagged the Joint Disciplinary Scheme (JDS), the profession's watchdog, by preventing any mention of the report. Over the weekend, however, it dropped the injunction following a High Court hearing.

The JDS has now sent the report to Equitable's regulator, the Financial Services Authority (FSA), and the Institute of Chartered Accountants in Scotland, to whom E&Y is accountable.

Read the full story here on the Telegraph website.
POSTED IN Accountants

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