Week in review: 4 – 8 November

Monday saw news Ernst & Young is to face a lawsuit worth £350m in the US after government agency Federal Deposit Insurance Corporation decided to sue over its audit work at failed financial institution, Superior Bank. News that bankruptcies have continued to rise also emerged on Monday.

Frits Bolkstein, EU commissioner for single markets, demonstrated on Gordon Brown announce he would make enterprise the key focus in his pre-Budget report and a lawsuit was launched against Royal & Sun Alliance by administrators working on the failure of US car parts giant Federal Mogul.

On Wednesday the financial world was rocked when it emerged that Harvey Pitt, the beleaguered chairman of US financial watchdog the Securities and Exchange Commission, had finally resigned afters months of criticism and pressure.

On Thursday the 2002 Accountancy Age Awards for Excellence dominated industry news. John Ormerod the former managing partner of Andersens took top honours with the Personality of the Year award. Meanwhile PricewaterhouseCoopers won the Big Four Firm award while David Leather, finance director of the Commonwealth Games in Manchester shared FD of the Year with Chris Woodhouse of Homebase.

Friday was the day on which a conclusion appeared to be reached on the controversial process of the Enterprise Bill through parliament.

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