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04 Jun 2010
Ernst & Young has been ordered to pay a £500,000 fine and £2.4m in costs after a court upheld limited findings following their audit of troubled insurance company Equitable Life
E&Y appealed a damaging report by the former accountancy regulator the Joint Disciplinary Scheme, which criticised the firm’s audit of the insurer.
E&Y successfully contested a claim they were not objective in their audit of the firm.
However the JDS finding that the 1999 Financial Statements from Equitable did not show a true and fair view, still stand.
Ernst & Young said it welcomed today’s judgment in overturning all findings relating to objectivity and independence
The firm extended "our sympathies" to policyholders of Equitable Life, who have been impacted by the near-collapse of the company.
More to follow…
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decision
had I known of the true potential outcome of the claim against ELAS i would have move to another pension provider much earlier and in so doing I would have mitigated my loss
Posted by: jack pinner, 04 Jun 2010 | 00:00