The US Supreme Court has thrown out negligent audit claims made against Ernst
& Young in the wake of a hedge fund collapsing.
Liquidators sued the firm’s Cayman Islands unit, accusing E&Y of
performing a below-par audit of the Beacon Hill Master hedge fund after it lost
$300m (£151m), almost half of its net asset value,
In his ruling, Judge Charles Ramos said that the investment managers
effectively controlled every aspect of the fund’s operations and made material
misrepresentations to Ernst & Young.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February