The profession’s disciplinary body is still months away from ruling on
& Young’s work as auditor of Equitable Life.
The tribunal of the
Disciplinary Scheme (JDS) finished hearing the case in November 2007, but
the final report is not yet complete.
The case considered complaints brought against E&Y itself, a partner and
a former partner at the firm, as well as a former director and a manager (both
chartered accountants) at Equitable.
E&Y’s request for a judicial review was dismissed and plans for an appeal
Equitable, whose near collapse left more than a million policyholders nursing
an estimated loss of £4bn, is one of only two cases the JDS has left before it
is dissolved. The case has cost it £800,000.
Its successor body, the Accountancy and Actuarial Discipline Board, has
already won its first case against the firm McClure Watters for its audit of
the Emerging Business Trust in Northern Ireland at the end of last year.
However, the AADB lost a case against PricewaterhouseCoopers in late 2007
over the audit of bus manufacturer Mayflower at a total cost of £1m.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements