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Ernst & Young affiliate fined Y2.1 bil over Toshiba audit


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E&Y was also the audit firm for Olympus and Lehman Brothers, among many other big name accounting scandals. Still they don't seem to be much worse than the other big four audit firms (also PWC, Deloitte and KPMG; there used to be five until the Enron scandal sunk Arthur Andersen).

Given the conflict of interest involved, it is a joke to even call what they do an 'audit'. The huge sums paid to the big four by the very firms they are supposedly auditing is substantial incentive for them to turn a blind eye to improprieties — if they probe too aggressively they run the risk of losing lucrative clients. When was the last time one of these audit firms uncovered accounting fraud?

$17.4 million is a big fine, but still not enough of a punishment to convince these firms to change their ways.

4 ( +4 / -0 )

I'm sure that the E & Y folks are celebrating this slap on the wrist.

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