With UK Deal, US Gains Access to Lehman Audits

Law360, New York (January 10, 2011, 4:36 PM EST) -- U.S. audit regulators said Monday they will resume inspections of 59 British accounting firms including Ernst & Young LLP, accused of helping Lehman Brothers Holdings Inc. secretly remove tens of billions of dollars of fixed-income securities from its balance sheet.

The U.S. Public Company Accounting Oversight Board announced that it has entered into a cooperative agreement with the Professional Oversight Board in the United Kingdom, ending a turf war that had blocked U.S. inspections in the U.K. since 2008, the PCAOB said.

Acting PCAOB Chairman Daniel...
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