BusinessCompany NewsEquitable: The Penrose report and beyond

Equitable: The Penrose report and beyond

The Penrose report on the near-collapse of life assurer Equitable Life is finally out (all 818 pages of it) with the blame being placed on the shoulders of the mutual's former management team. Regulators like the FSA have also come in for harsh criticism, but former auditors Ernst & Young have escaped blame.

The Penrose report on the near-collapse of life assurer Equitable Life is finally out (all 818 pages of it) with the blame being placed on the shoulders of the mutual’s former management team. Regulators like the FSA have also come in for harsh criticism, but former auditors Ernst & Young have escaped blame.

As a consequence, the Accounting Standards Board has been asked to undertake an inquiry into insurance industry accounting. E&Y are not off the hook though and will come under the spotlight of the Accountant’s Joint Disciplinary Scheme.

You can track the unfolding saga via this special area. Just click on the links to read the stories.

And keep coming back for fresh stories, analysis and comment.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor