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Browse: Home / 2010 / March / 17 / UK: FRC Launches Probe into E&Y Over Lehman ‘Gimmick’

UK: FRC Launches Probe into E&Y Over Lehman ‘Gimmick’

By Amanda Harding on March 17, 2010, 8:27 pm

On Monday, the Financial Reporting Council announced that it will investigate whether Lehman Brothers’ “Repo 105” transactions were audited correctly by Ernst & Young. According to the Telegraph, the FRC has asked Ernst & Young for more information about how the transactions were accounted for.

Lehman moved $50 billion of loans off its books by structuring a regular financing arrangement as an asset sale. The Telegraph reports that E&Y approved the “sale” under US GAAP, however a UK accountant stated that the transaction would not “fly” under international standards.

Read the Telegraph article

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Posted in Global | Tagged Accounting, Auditors, Investigations, UK

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