Regulatory changes put spotlight on UK auditors

The 2008 financial crisis was in part a failure of audit – and UK authorities are pushing to bring auditors to heel this year. But the reforms happening at national and EU level may not go far enough

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

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