Watchdog Skewers Ernst & Young In Latest Audit Probe

Law360, New York (December 22, 2011, 6:17 PM EST) -- Audit firm Ernst & Young LLP often failed to identify financial misstatements and back up its securities valuations with hard evidence in 2010, according to an industry watchdog's report made public Thursday. 

Ernst & Young's deficiencies "were of such significance that it appeared to the inspection team that the firm, at the time it issued its audit report, had failed to obtain sufficient appropriate audit evidence to support its audit opinion on the financial statements and/or on the effectiveness of internal control over financial reporting," the Public Company Accounting Oversight...
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