PracticeAccounting FirmsHigh Court rejects Ernst & Young plea for stay

High Court rejects Ernst & Young plea for stay

The High Court has today rejected appeals from Ernst & Young to stay a Joint Disciplinary Scheme's investigation into work carried out as auditor of the Equitable Life Assurance Society.

Link: Equitable alleages shortcomings in E&Y audit

The decision will come as a huge blow to the accountancy firm which wanted the JDS to delay its investigation until after the civil proceedings brought against it from Equitable were completed.

E&Y claimed the JDS investigation would prejudice the civil case, a claim refuted by the Executive Council of the JDS.

The High Court did, however, extend a temporary stay until Friday 25 October to allow E&Y an opportunity to apply for leave to appeal from the Court of Appeal.More details to follow.

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