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Bloomberg (December 22)

2010/ 12/ 25 by jd in Global News

Just weeks before being sued for its role as auditor of Lehman Brothers, Ernst & Young (E&Y) was advertising that it could help companies identify “new risks related to fraud and corruption.” A Bloomberg editorial agrees that “E&Y may have lots of experience in this field,” but adds it’s the wrong kind of experience. “It’s indisputable that E&Y blessed Lehman’s financial statements quarter after quarter, year after year, falsehoods and all.” The problem is all of the large audit firms have had the wrong kind of experience. “Killing E&Y or any of the other Big Four audit firms — PricewaterhouseCoopers LLP, Deloitte & Touche LLP and KPMG LLP — would leave just three large survivors, when the industry has too few competitors already.”

 

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