Regulator Cites Flaws In Ernst & Young Procedures

Law360, New York (May 23, 2013, 5:48 PM EDT) -- The top U.S. accounting watchdog on Thursday said that Ernst & Young LLP did not independently verify data provided by executives at companies the firm audited and failed to correct problems with its audit procedures even after the agency ordered it to do so.

The Public Company Accounting Oversight Board released to the public previously confidential portions of its 2009 inspection of Ernst & Young, one of the big four accounting firms, because of the firm's refusal to correct some problems. The PCAOB identified problems with...
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