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October 3, 2010

AADB investigates E & Y and PwC

The UK Accountancy and Actuarial Discipline Board (AADB) has started an investigation into Ernst & Young’s conduct as auditors of Lehman Brothers operations in Europe.

The board has also launched a separate investigation into PwC’s role in reporting disclosures on client assets of JP Morgan Securities.

The decision to investigate the two Big Four firms comes after consultations with the Institute of Chartered Accountants of England and Wales.

AADB is an independent, investigative and disciplinary body for accountants and actuaries in the UK.

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