The US Securities & Exchange Commission (SEC) has charged that the firm with doing business with Peoplesoft and said that its alleged tie-up with the company between 1994 and 2000 to develop and market software was in possible violation of regulations as E & Y were Peoplesoft's auditor at the time.
E & Y has said that it is 'surprised and disappointed' by the SEC allegations and described its behaviour as 'entirely appropraite and permissible under the profession's rules.'
The SEC appears to wish to get the firm to surrender the audit fees it received from Peoplesoft during the 6 year period and is also looking to sanction the auditor. There will now be a hearing before an administrative law judge to ascertain whether the charges are true. Peoplesoft has not been named in the legal action.
E & Y Disputes SEC Charges
The Wall Street Journal reports that Ernst & Young (E & Y) has disputed allegations that it has violated rules designed to keep audit functions independent from companies they audit.
'Gang Of One' - The True Story Of How A Successful Banker Coped With Prison Life
'The End Of Normal' - The Stigma Of Being A MadoffNews RSS Feed Like us on Facebook Linkedin Follow us on Twitter
Videos
Latest in Business
back-up- Get Involved As A Writer With Here Is The City Sport
- The Only Banker Who Won't Need To Worry About His Bonus Is....
- Bonus Stuff - Deutsche, Goldman, Morgan Stanley, UBS
- Goldman's Lucas van Praag To Retire - And Will Be Sadly Missed
- Top Firm's Key Personnel To Share 2011 'Special Plan' Bonus Award
- $60bn (So Far) - One Of The Most Expensive Bank Restructurings Ever ?
- Bankers Concerned About Being Taken Over By A Bank 'They Have Never Heard Of'
- And The Top Global Private Bank Is.....
- Top CEO Considered Resigning Amid Bonus Row
- Unsubstantiated Saucy Compliance Gossip Of The Day
- BofA, Goldman, Jefferies, M F Global, Morgan Stanley, Allen Stanford Trial, Larry Fink, Hedge Funds
- The 29 Financial Institutions That Became JPMorgan Chase
- 'Old Traders' - Chapters I - X
- 11 Things That Happened This Day In History - 8th February
- Here Is The City Hits New Readership High - 462,092 Unique Users
- Featured Recruiter - NJF Search
- Featured Training Company of the Month – PRPi Training Limited
- Recruitment Firms We Like
- London Deals - 51inch 3D HD Plasma TV, Gliding Lessons, Skin Care, KidsPlay Store, Salsa, Luxury Home Linens
- Three Firms Where Staff May Feel A Little Nervous
- Sick In The City
- Superstar Women & The Imposter Syndrome
- All You Need To Know About Morgan Stanley
- BofA, BNP Paribas, Deutsche Bank, Dresdner Kleinwort Bonuses, JPMorgan, Lazard, MF Global, RBC, UBS, Facebook IPO
- Preliminary MF Global Trustee Report Out
- What Do Bankers Do When They Leave The Industry ? (Quote Of The Week)
- In Case You Missed Them - Last Week's Top Stories
- One Of The Top 10 European M&A Deals Ever
- Disbelief As Greek Politicians Delay Deal On €130bn Rescue Package
- Firms Consider Stopping Annual Bonus Awards
- Last Week's Biggest Losers
- Goldman Bosses Get Bonus Cuts, Firm Looks For Growth In Europe
- PIMCO Announces EVP, SVP & VP Promotions
- 35th Annual Empire State Building Run-Up
- Bob Diamond Comp, Goldman, Julius Baer, Lazard, MF Global, Hedge Funds
- AG Announces Major Lawsuit Against Largest US Banks For Deceptive & Fraudulent Use Of Electronic Mortgage Registry
Features
- And The Best Place To Work In The Global Financial Markets 2011 Is...
- The Top 100 Financial Markets Firms 2011
- Recruitment Firms We Like
- Execuzen - Best Search Firm 2011
- Eximius Group - The Best Contingency Recruitment Firm 2011
- Hays Financial Markets - Best Temp / Interim Recruitment Firm 2011
- Holmes Search - The Best Compliance Recruitment Firm 2011
- Huxley Associates - Best HR Recruitment Firm 2011
- Selby Jennings - The Best Front Office Recruitment Firm 2011
- Selby Jennings - The Best IT Recruitment Firm 2011
- Selby Jennings - The Best Risk Management Recruitment Firm 2011
- Tay Associates - Best Secretarial / PA Recruitment Firm 2011
