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Sarbanes-Oxley News & Developments
Auditor Draws Six-Month New-Client BanJudge finds that Ernst & Young violated rules on auditor independence.
> > According to the commission, Ernest & Young marketed consulting and tax services to audit client PeopleSoft Inc. "The overwhelming evidence," wrote Brenda P. Murray, the chief administrative law judge at the SEC, the day-to-day operations of Ernest and Young were profit-driven and ignored considerations of auditor independence, according to The New York Times. Murray added that the firm "committed repeated violations of the auditor independence standards by conduct that was reckless, highly unreasonable, and negligent."
Source: CFO
Published:2004-04-20
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