E&Y's JDS tribunal postponed
Ernst & Young's Joint Disciplinary Scheme tribunal hearing for its audit of Equitable Life has been postponed until after the High Court trial, due to take place in April next year.
A tribunal was due to be held later this year to hear complaints laid against the firm by the JDS, the policing body for the accounting industry. The JDS found issue with 11 consecutive audit opinions on Equitable’s financial accounts.
The decision to delay the tribunal was welcomed by the firm. ‘We believe that this represents good common sense, and acknowledges our view that it is not practically possible to prepare for both a trial and tribunal hearing simultaneously,’ an E&Y statement said.
While the High Court case with Equitable would last for months, speculation is rife that the two will settle out of court much sooner.