PracticeAccounting FirmsE&Y awaits appeal ruling

E&Y awaits appeal ruling

Ernst & Young is hoping to hear by the end of this week whether it can appeal against a High Court ruling that the Joint Disciplinary Scheme can begin an investigation of the firm's Equitable Life audit.

Link: High Court rejects Ernst & Young plea for stay

The JDS will start interviews with E&Y staff involved with the audits next week if the Court of Appeal rejects an application for leave to appeal.

‘We just abide by the court order,’ said Chris Dickson, executive counsel of the JDS.

‘The Judge made it clear that it didn’t prevent us making arrangements for an interview in the week after 25 October.’ When asked if the JDS had made any arrangements he replied, ‘yes we obviously want to get on with it.’

An E&Y spokesman said a letter had only just been sent to the Court of Appeal and it was hoping to hear back ‘sometime this week.’

One of the Big Four firm’s main arguments for a stay of the investigation is that it could prejudice the outcome of a civil action it faces over Equitable.

But Mr Justice Stanley Burnton of the High Court rejected this, a move which experts cite as one of the main reasons why the application for leave to appeal will fail.

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