News coverage for Ernst & Young

Investors Mull Leaving Switzerland – Ernst & Young

Investors Mull Leaving Switzerland – Ernst & Young

Investors are viewing Switzerland’s appeal as a business location to be waning “significantly” according to Ernst & Young. A meager 10 percent of investors view Switzerland as one of the world’s top locations for business investment, twice the figure in 2009. In the ranking of the most attractive locations, Switzerland has dropped from second to [...]

$160m Suit Filed Against Investment Group, Ernst & Young

$160m Suit Filed Against Investment Group, Ernst & Young

The liquidator to the failed investment group Babcock & Brown has filed a $160 million suit in damages against the company over allegations that it allowed a breach of capital reduction contravention provisions of the Corporations Act. The said breach allegedly started in 2005 until 2008, committed by the directors of Babcock & Brown Ltd, according to an application [...]

Complaints Against Corinthian Colleges, Ernst & Young Over Education Fund Row Revived

Complaints Against Corinthian Colleges, Ernst & Young Over Education Fund Row Revived

The federal appeals court in Pasadena reversed on Friday a lower court decision dismissing a lawsuit against Corinthian Colleges and Ernst & Young auditors over illegal collection of billions of dollars in education fund. The 9th Circuit revived the whistle-blower suit, giving the two Californian relators who brought the action, a chance to amend their [...]

PCAOB Slams Ernst & Young Former Partner, Senior Manager

PCAOB Slams Ernst & Young Former Partner, Senior Manager

The Public Company Accounting Oversight Board has settled disciplinary orders against a former Ernst & Young partner and senior manager for altering working papers and providing misleading documents and information to regulators who inspected it. PCAOB first enforced the disciplinary action against the accounting firm on December 2010 since its assumption of power from the [...]

Charges Against Ex-Lehman Brothers Officials Dismissed

Charges Against Ex-Lehman Brothers Officials Dismissed

A US District Court in New York has dismissed claims against former officials of Lehman Brothers Holdings Inc. (LEHMQ) in a securities-fraud row brought by buyers of more than $31 billion of securities. U.S. District Judge Lewis Kaplan in New York ruled to trash claims in the class-action, which names as defendants five former top [...]

Information Security Services Widen at Ernst & Young

Information Security Services Widen at Ernst & Young

The Health Information Trust Alliance (HITRUST) has designated accounting and business consulting firm Ernst & Young as a Common Security Framework (CSF) Assessor, boosting the company’s information security services. Ernst & Young, which expanded its IT services in April this year through the appointment of Mal Postings as its new Chief Technology Officer, can now [...]

Accounting Issues at Insurance Company Spark Auditors’ Resignation

Accounting Issues at Insurance Company Spark Auditors’ Resignation

Amid possible court actions by the Securities and Exchange Commission against insurance company Life Partners Holdings Inc. due to accounting issues, another controversy has racked the firm leading to the resignation of its auditors. Ernst & Young auditors have decided to terminate accounting services for Life Partners and withdrawn its 2010 financial report opinion after [...]

Court Dismisses Ernst & Young Appeal to Block Probe

Court Dismisses Ernst & Young Appeal to Block Probe

Fraud investigation into Ernst & Young’s role as former auditor to a failed bank is set to continue after a high court in Ireland dismissed its plea on May 13 to halt the inquiry. John Purcell, a special investigator appointed by the Chartered Accountants Regulatory Board (CARB) on February 2009, will push through with his [...]

‘Resignation of Ernst & Young Won’t Disturb Corporate Governance Drive at M&B’

‘Resignation of Ernst & Young Won’t Disturb Corporate Governance Drive at M&B’

Deloitte is eyed to be the next accounting firm of restaurants and pub group Mitchells & Butlers (M&B) after the company sacked auditors from Ernst & Young. M&B, which has earlier conducted a review on its suppliers and appointed Japanese multinational computer hardware Fujitsu Limited as its new technology vendor, has been hounded with troubles [...]

IT Services Expansion in E&Y Amid Changing ‘Footprint’ Of Technology

IT Services Expansion in E&Y Amid Changing ‘Footprint’ Of Technology

The IT services arm of global accounting and consulting firm Ernst & Young has expanded its advisory group in the field through the appointment of Mal Postings as its new Chief Technology Officer (CTO). Ernst & Young’s IT services group is part of its advisory practices. Similarly, its IT security services expanded in January through [...]

Oil and Gas Deals Bounce Back As Crude Oil Prices Gain Strength

Oil and Gas Deals Bounce Back As Crude Oil Prices Gain Strength

Deals involving the oil and gas industry have regained optimism from investors as total transactions surged by 35 percent in 2010 over the same period in the previous year, owing to stronger crude oil prices. According to Ernst & Young’s Global Oil and Gas Transactions Review 2010, crude oil prices defied expectations last year leading [...]

Battle Continues Between Ernst & Young and Anglo Incident Investigator

Battle Continues Between Ernst & Young and Anglo Incident Investigator

The high court in Ireland has reserved the decision on Ernst & Young’s plea to trash the investigation being aimed against it in connection with the loan misappropriation in Anglo Irish Bank to which it was the former auditor. This comes hot on the heels of a fresh challenge facing Ernst & Young in USA [...]

Scandal Hits Ernst & Young Again As Appeals Court Overrules Recent Decision

Scandal Hits Ernst & Young Again As Appeals Court Overrules Recent Decision

The three judges of the US Court of Appeals for the Ninth Circuit has reinstated the options backdating charges implicating Ernst & Young auditors over the $2.2 billion misrepresentations in Broadcom Corporation’s financial statements. In the wake of a separate court race with the Chartered Accountants Regulatory Board in Ireland over similar charges of misappropriation, [...]

Jobless Estonians Will Lead EU Economy in Five Years – Economic Growth Forecast

Jobless Estonians Will Lead EU Economy in Five Years – Economic Growth Forecast

Despite being one with the highest unemployment rates in the European Union, Estonia will likely be the leader in euro zone economy over the next five years according to Ernst & Young’s economic growth forecast to be released today. Elsewhere in Asia, PricewaterhouseCoopers released parallel predictions for China and India in January, saying India’s economy [...]

Low Bounce in Euro Economic Recovery Facing Risk of Interest Rate Hike, E&Y Warns

Low Bounce in Euro Economic Recovery Facing Risk of Interest Rate Hike, E&Y Warns

As the European Central Bank mulls raising interest rate later this week to ward off inflation, economists from Ernst & Young warns of the grim prospect of its unwanted effect on the euro zone economic recovery that still struggles its way up. The bank plans to raise its interest rate from 1 percent to 1.25 [...]

‘Suspend’ Share Trading, Holdings Company Pleads

‘Suspend’ Share Trading, Holdings Company Pleads

Chinese holdings company Gaoxian Fibre Fabric has called for a suspension in its share trading following dubious bank balances in its subsidiaries as reported by auditors from Ernst & Young. Following the call to halt its share trading way back in March 2010, China Gaoxian Fibre Fabric Holdings Ltd moves to bring the downtime to [...]

Closure of Manchester Clothing Line Leaves 204 Jobless

Closure of Manchester Clothing Line Leaves 204 Jobless

‘Poor trading condition’ has crippled a clothing line in Manchester as Ernst & Young administrators are seeking buyers of the defunct business, sending home 204 employees jobless. Henley’s Clothing adds up to the number of clothing line businesses that have been going bust in recent months, the most recent of which being the British store, [...]

Public Spending Cuts Harmful to Clean Energy Growth

Public Spending Cuts Harmful  to Clean Energy Growth

The fast expanding clean energy sector may come to a halt if governments proceed to push for a scale back in public spending, warns the latest Renewable Energy Country Attractiveness Indices of Ernst & Young. According to the report, the positive business outlook on clean energy markets may be dampened by the governments’ willingness to [...]

Conflict of Interest: Ernst & Young’s Role in Telecommunications Company Facing Probe

Conflict of Interest: Ernst & Young’s Role in Telecommunications Company Facing Probe

Amid fresh controversies that recently confronted the global auditing firm Ernst & Young, a new investigation over its role as administrators of the failed telecommunications company Wind Hellas has been launched by the Institute of Chartered Accountants in England and Wales (ICAEW) for possible conflict of interest, The Telegraph reports. Hard on the heels of [...]

For Sale: All Saints Clothing Store at £140 Million

For Sale: All Saints Clothing Store at £140 Million

The British clothing store, All Saints, has called in business consultants from Ernst & Young to advise on the sale of the high street retailer initially valued at £140 million. The clothing store‘s sale comes two years after one of its stakeholders, the Icelandic bank Glitnir, has declared bankruptcy, and whose winding-up committee has recently [...]