Nowhere to hide: Accounting firms face increased scrutiny after Lehman report

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Audit expert Francine McKenna offers her opinion on this week's Lehman Brothers revelations and their impact on the audit profession.

It’s not every day that the Big Four accounting firms – Deloitte, KPMG, PricewaterhouseCoopers, and Ernst & Young - provide so much gossip about spectacular criminal and civil law violations. The publication of the Lehman bankruptcy examiner’s report last Thursday unleashed a firestorm of analysis and speculation not only of the deeper causes of the global financial crisis but the future of the auditors. The report makes damning accusations against Ernst & Young, auditors of Lehman Brothers:

"The examiner concluded that sufficient evidence exists to support colorable claims against E...

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