PracticeAuditE&Y appeals against ruling in Equitable Life case

E&Y appeals against ruling in Equitable Life case

Equitable Life disciplinary findings remain secret as E&Y appeals against ruling

ernst and young building

Ernst & Young has launched an appeal to overturn the decision of a
disciplinary body considering complaints about the firm’s conduct on the audit
of Equitable Life.

But details of the findings against the firm and partner Kevin McNamara will
remain under wraps and unpublished until the appeal process is completed. A
hearing is due to take place in October.

The news emerged this week after an injunction was discharged at the High
Court which had blocked the Accountants Joint Disciplinary Scheme (JDS) from
revealing details of the appeal and from sending a copy of its tribunal findings
to the FSA, which is the regulator for insurance companies.

E&Y this week confirmed the appeal was under way and added: ‘After taking
legal advice in December, we sought to keep confidential these provisional
findings, when the executive committee of the JDS proposed to disclose them to a
third party.’

The disciplinary against E&Y began in 2004 when complaints were brought
by the profession’s disciplinary body.

Among the complaints were allegations that E&Y delivered unqualified
audit opinions when the accounts for 1990 to 1993 had not been properly
prepared, and that unqualified opinions were offered on accounts, which did not
represent a ‘true and fair view’, from 1994 to 2000.

Related Articles

EY audit conflicts weigh on Royal Dutch Shell-BG Group deal

Audit EY audit conflicts weigh on Royal Dutch Shell-BG Group deal

1y Calum Fuller, Reporter
Auditors face FTSE 350 concerns over cost of transition to new EU audit rules

Audit Auditors face FTSE 350 concerns over cost of transition to new EU audit rules

2y Calum Fuller, Reporter
PwC to take on Weir Group audit

Accounting Firms PwC to take on Weir Group audit

2y Calum Fuller, Reporter
EY extracts Vedanta Resource audit as Deloitte tenure ends

Accounting Firms EY extracts Vedanta Resource audit as Deloitte tenure ends

2y Calum Fuller, Reporter
PwC appointed as auditor to probe Vatican finances

Accounting Firms PwC appointed as auditor to probe Vatican finances

2y Chris Warmoll, Writer
‘Ten years’ to see fruits of mandatory rotation – Non-Big Four auditors

Audit ‘Ten years’ to see fruits of mandatory rotation – Non-Big Four auditors

2y Calum Fuller, Reporter
Mandatory audit rotation 'further entrenches' Big Four

Audit Mandatory audit rotation 'further entrenches' Big Four

2y Calum Fuller, Reporter
Stagecoach set for EY audit appointment

Audit Stagecoach set for EY audit appointment

2y Calum Fuller, Reporter