PracticeAccounting FirmsE&Y must answer Equitable audit failure claims

E&Y must answer Equitable audit failure claims

Big Four firm Ernst & Young has confirmed it has until the end of the week to respond to allegations of 'general audit failure' from the profession's watchdog, the Joint Disciplinary Scheme, for its work on Equitable Life in the nineties.

Link: Equitable probe offers hope for policyholders

An E&Y statement said that the firm believes the allegations to be ‘misguided’ and that it will ‘defend them vigorously’.

The JDS handed the firm its damning report last month following the completion of a two-year probe. It is understood to single out two partners for criticism.

While not directly related to the £2.6bn civil case between Equitable and E&Y, sources close to the case claimed the Equitable board was waiting to see the outcome of the JDS probe before deciding on its next course of action.

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