For the second time in four years, Ernst & Young (EY) in US has to pay hefty penalty due to the violation of independence standard. EY in 2004 was fined $1.7 million by SEC and handed six-month new client ban while this year the company may pay $1.6 million regarding their work with AIG and PNC Financial Services Group that allegedly violate the independence auditor conduct.
According to CFO.com, "an Ernst & Young partner helped AIG to develop and market an accounting-driven financial product, then advised PNC on the accounting treatment for that product in PNC's financial statements". Further, the product enables a company to transfer volatile financial assets to a special purpose entity, so as the related assets can be excluded from its consolidated financial report.
Concerning the issues, one of my friends was wondering about the possibility of liquidation for E&Y as a result of such continuous improper conduct (like Arthur Andersen's collapse in 1999). I argue to my friend that such action wouldn't be happend, since the US authority want to keep the audit market still competitive and free from oligopoly practice. As we know, nowadays, EY is one of the big four audit firms in the world. I couldn't dare to dream that there were only 3 big audit firms in the world. Besides, E&Y was my first professional company where I worked for 1.5 years in Jakarta, so I don't want my former company collapse due to any wrongdoings.
9 comments:
This is my first post I'd love to thank you for such a great quality site!
Was thinking this is a nice way to make my first post!
Sincerely,
Edwyn Sammy
if you're ever bored check out my site!
[url=http://www.partyopedia.com/articles/cat-in-the-hat-party-supplies.html]cat in the hat Party Supplies[/url].
[B]NZBsRus.com[/B]
No More Crawling Downloads With NZB Files You Can Rapidly Find Movies, Games, Music, Software and Download Them @ Flying Rates
[URL=http://www.nzbsrus.com][B]Usenet Search[/B][/URL]
afj s czr c, [URL=http://www.evansporn.com]free xxx[/URL]. gqd j, yfi zwmtuk|qbl kbxicwn x ye zp.
top [url=http://www.c-online-casino.co.uk/]free casino[/url] hinder the latest [url=http://www.casinolasvegass.com/]free casino bonus[/url] free no consign hand-out at the leading [url=http://www.baywatchcasino.com/]no lay down bonus
[/url].
top [url=http://www.c-online-casino.co.uk/]uk casino[/url] check the latest [url=http://www.realcazinoz.com/]free casino[/url] free no deposit bonus at the leading [url=http://www.baywatchcasino.com/]www.baywatchcasino.com
[/url].
top [url=http://www.c-online-casino.co.uk/]uk bonus casino[/url] hinder the latest [url=http://www.realcazinoz.com/]casino games[/url] manumitted no deposit perk at the chief [url=http://www.baywatchcasino.com/]baywatchcasino
[/url].
prada outlet, replica watches, nike roshe, ugg boots, louis vuitton, louis vuitton, polo ralph lauren, jordan pas cher, longchamp outlet, longchamp outlet, oakley sunglasses, longchamp outlet, christian louboutin shoes, louboutin pas cher, prada handbags, ray ban sunglasses, christian louboutin outlet, chanel handbags, ray ban sunglasses, polo outlet, nike air max, nike free run, oakley sunglasses wholesale, cheap oakley sunglasses, oakley sunglasses, ugg boots, tiffany jewelry, nike outlet, longchamp pas cher, louis vuitton outlet, nike free, kate spade outlet, air max, oakley sunglasses, gucci handbags, louis vuitton outlet, uggs on sale, burberry pas cher, sac longchamp pas cher, tiffany and co, christian louboutin, louis vuitton outlet, jordan shoes, nike air max, tory burch outlet, christian louboutin uk, michael kors pas cher, ray ban sunglasses, replica watches
herve leger, valentino shoes, hollister, nike trainers uk, longchamp uk, iphone cases, mont blanc pens, ghd hair, nike air max, jimmy choo outlet, converse, converse outlet, insanity workout, lancel, beats by dre, nike air max, ralph lauren, mac cosmetics, mcm handbags, oakley, hollister clothing, nike huaraches, nike roshe run, asics running shoes, reebok outlet, timberland boots, vans outlet, ray ban, hermes belt, north face outlet, celine handbags, north face outlet, louboutin, instyler, gucci, abercrombie and fitch, baseball bats, chi flat iron, p90x workout, lululemon, bottega veneta, soccer shoes, soccer jerseys, nfl jerseys, hollister, babyliss, wedding dresses, vans, ferragamo shoes, new balance shoes
ugg uk, doudoune moncler, canada goose uk, louis vuitton, moncler outlet, canada goose, pandora jewelry, canada goose jackets, canada goose outlet, hollister, supra shoes, canada goose outlet, ugg pas cher, moncler, links of london, canada goose, louis vuitton, replica watches, juicy couture outlet, montre pas cher, pandora jewelry, wedding dresses, moncler, canada goose, juicy couture outlet, louis vuitton, pandora uk, pandora charms, ugg,uggs,uggs canada, moncler, moncler outlet, swarovski crystal, louis vuitton, louis vuitton, karen millen uk, swarovski, coach outlet, ugg, moncler, thomas sabo, moncler uk, ugg,ugg australia,ugg italia, marc jacobs, canada goose outlet, toms shoes
Post a Comment