The "credit crunch" of 2008 expanded to engulf leading US investment banks Lehman Brothers and Bear Sterns and plunged the worldwide economy into recession.
Ernst & Young LLP has been sued by the New York state attorney for its role in the alleged accounting fraud involving the surreptitious removal of tens of billions of dollars of fixed income se
Disciplinary body launches probe into the firm’s audit of Lehman Brothers, including the use of so-called ‘accounting gimmicks’.
Ernst & Young has defended its audit work for client Lehman Brothers in a letter sent last week by several audit partners to the firm's key clients, and vowed to fight any legal action from
Audit expert Francine McKenna offers her opinion on this week's Lehman Brothers revelations and their impact on the audit profession.
The US court examiner’s report into the Lehman Brothers collapse implicated Ernst & Young in the bank’s downfall, but where does the auditor’s responsibility end in relation to fraud?
Lawyers for Lehman’s chief executive Dick Fuld say he had nothing to do with the ‘repo 105’ transactions used to hide the bank’s losses.
Deceptive accounting practices and lax auditing lay at the heart of the 2008 collapse of US investment bank Lehman Brothers that helped to trigger the global economic crisis,