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The following article was published in our article directory on December 23, 2010.
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Lehman Fraud Reminded Global Importance of International Regulatory

Article Category: Business

Author Name: Amanda xzh

U.S. financial institutions for the "clean up" work is in full swing into. Deutsche Bank's tax case concluded forefoot, rear foot Ernst & Young be the next defendant. The industry said that this round will not be easy for the end of the inventory, but getting worse. At least within the next two to three years or more, within such incidents will still be broke after another.

Large and bring hidden dangers

Yesterday, news, New York Attorney General Andrew Cuomo sued the accounting giant Ernst & Young International, accusing it of helping Lehman Brothers Holdings Inc. financial position whitewash over seven years. This is the official accounting firm over the past decade the United States filed the largest lawsuit.

Cuomo said in the lawsuit, Ernst & Young's business practices procurement Repo 105 for the temporary transfer of the assets of Lehman Brothers, up to 500 million, while Ernst & Young is the "direct assist" maneuvers in the audit, so that the assets and liabilities of Lehman Brothers Table seems glamorous. According to the disclosure of information related to securities, the decade before the collapse of Lehman Brothers, Ernst & Young from Lehman Brothers who earned over 185 million U.S. dollars in audit fees and other costs.

In fact, the accounting firm has long been an accounting scandal broke. Arthur Andersen and Enron accounting scandals between the United States has precipitated the introduction of the supervision of accountants more regulations. "Sarbanes-Oxley Act," seeks to ensure that auditors and clients to maintain a certain distance. In addition, the bill also prohibits accounting firms to their audit clients to provide certain non-audit services, the company also provides certain former employees of accounting firm hired before the year is not acceptable to the firm for audit services.

However, the accounting firm of the kind of intermediary between the customer and there are often common interests, only when the huge profits of its customers, he can have more profits are made, so out of interest, many tend to drill a number of regulatory vulnerability. The current large and accounting firms have developed, in addition to providing auditing and other traditional business services, billed as customers strive to provide a full range of services. This will inevitably lead to the interests of these intermediaries and customers more closely tied together. "

After the financial crisis, regulators realized that banks and other financial institutions large and the harm the business, so have urged banks and other financial institutions 'thin' - divest its non-core business. In fact, for Ernst & Young international agencies such should be treated the same way, so focus on their core business.

Need to attach importance to international regulatory

Regardless of the bankruptcy of Lehman Brothers is not the "result of audit issues," but Ernst & Young and the close relationship between Lehman Brothers is obvious. Data show that in fiscal year 2007, the Lehman Brothers bankruptcy last full fiscal year before, according to Lehman Brothers, Ernst & Young audit fees are calculated the eighth largest U.S. customers, but the previous seven years, Lehman Brothers, Ernst & Young in mid-are 15 largest customers.

It is worth noting that the cooperation between the two companies seven years, there have been two Lehman Brothers chief financial officer had previously worked at Ernst & Young. It had reminiscent of Arthur Andersen scandal, the same data show that including the chief accountant Richard Causey and Chief Financial Officer Jeff McMahon of Enron executives, including the Arthur Andersen accounting firm have worked.

Once launched strict judicial proceedings, because there is a certain degree of difficulty of judicial investigation, in particular, the damage to investors is also difficult to define, it will be a protracted battle. Expected the final step after Ernst & Young may suffer the fate of several financial institutions - to pay the fine.

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