The answer is that in nearly all cases the auditors get it right. When they don’t they have insurance and liability to repair any damage. The question is why is no action being taken against E&Y and their insurers?
Four months later the ICAEW has still not decided whether it will deal with the matter internally and the FSA refuses to say whether it is taking action.
Meanwhile policyholders have insufficient information to pursue the matter themselves. Perhaps Mr Coulthard is right.
David Foot, Stanmore
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