Regulatory changes put spotlight on UK auditors

UK regulators try to lift the standard of external auditing

Dollars down a black hole

Only one enforcement action was ever brought by US authorities after the 2008 collapse of Lehman Brothers – against Ernst & Young, the auditor that signed off on the bank's last set of statements, and which omitted to mention its vulnerable and complex financing arrangements. In April this year the case was settled, with the auditor paying $10 million to the New York attorney-general's office, and another $99 million to settle a parallel private class action.

Despite this shortage of punitive ac

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