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Join the Securities Litigation and Enforcement Group on LinkedInSEC Includes Novel Probe Into Lawyers’ Actions in EY Settlement – WSJ
Wall Street’s top cop is putting the screws to one of the world’s biggest audit firms—and going after its lawyers, too. As part of a $100 million enforcement action announced Tuesday against Ernst & Young, the Securities and Exchange Commission demanded the firm undertake a separate, follow-up investigation into the actions of its own lawyers […]
EY Cheating a ‘Wake-Up Call’ as SEC Targets Market Gatekeepers
Ernst & Young LLP’s $100 million fine for unchecked cheating on ethics tests and other training, coupled with a string of similar cases at other firms, threatens to undermine a profession that sells itself as a trusted protector of the public’s interest, from taxpayers to shareholders. The latest news means affiliates of three of the […]
Auditors keep falling into the same trap | Financial Times
Last week, payments firm Wirecard admitted that €1.9bn of its cash probably never existed — and then it collapsed. It turns out that the German group’s auditors had failed for at least three years to request crucial account information from a Singapore bank where Wirecard said it had up to €1bn. Instead, EY relied on […]