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Ernst & Young to pay $11.8 mn over failed audits

E&Y, one of the global "big four" accounting firms, had failed to detect fraud for more than four years, SEC said

AFP/PTI  |  Washington 

Global accounting firm Ernst & Young will pay $11.8 million to resolve allegations it failed to uncover deceptive tax practices at an oil services company, the US market regulator announced on Tuesday. The announcement follows September's settlement between the Securities and Exchange Commission and the oilfield services firm Weatherford International, which the SEC fined $140 million for fraudulently lowering its year-end tax provisions. The SEC said that Ernst & Young, one of the global "big four" accounting firms, had failed to detect the fraud for more ...

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Ernst & Young to pay $11.8 mn over failed audits

E&Y, one of the global "big four" accounting firms, had failed to detect fraud for more than four years, SEC said

E&Y, one of the global "big four" accounting firms, had failed to detect fraud for more than four years, SEC said Global accounting firm Ernst & Young will pay $11.8 million to resolve allegations it failed to uncover deceptive tax practices at an oil services company, the US market regulator announced on Tuesday. The announcement follows September's settlement between the Securities and Exchange Commission and the oilfield services firm Weatherford International, which the SEC fined $140 million for fraudulently lowering its year-end tax provisions. The SEC said that Ernst & Young, one of the global "big four" accounting firms, had failed to detect the fraud for more ... image
Business Standard
177 22

Ernst & Young to pay $11.8 mn over failed audits

E&Y, one of the global "big four" accounting firms, had failed to detect fraud for more than four years, SEC said

Global accounting firm Ernst & Young will pay $11.8 million to resolve allegations it failed to uncover deceptive tax practices at an oil services company, the US market regulator announced on Tuesday. The announcement follows September's settlement between the Securities and Exchange Commission and the oilfield services firm Weatherford International, which the SEC fined $140 million for fraudulently lowering its year-end tax provisions. The SEC said that Ernst & Young, one of the global "big four" accounting firms, had failed to detect the fraud for more ...

image
Business Standard
177 22