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ERNST & YOUNG FACES UK INQUIRY OVER AUDIT OF LEHMAN

A British investigation has been launched into whether Ernst & Young properly audited Lehman Brothers’ accounts in the months leading up to the US investment bank’s collapse.   The Accountancy and Actuarial Disciplinary Board, which regulates the profession in Britain, has launched a probe into E&Y’s accounting treatment of controversial transactions known as “Repo 105s” and “Repo 108s”, which Lehman regularly used in its quarter-end balance sheets.   Source: Financial Times

BIIA Newsletter June II – 2010 Issue

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