Ernst & Young LLP

Washington, DC: (Mar-26-07) The US Securities and Exchange Commission filed charges against accounting firm Ernst & Young LLP, accusing it of compromising its independence and contributing to faulty accounting by its clients. The suit alleged that Ernst & Young provided faulty and inaccurate audit work for Pittsburgh-based PNC Financial Services Group, a large regional bank company. It was the second time in nearly three years that the SEC sanctioned Ernst & Young for alleged violations of auditor independence rules. Neither admitting or denying allegations, Ernst & Young LLP agreed to pay the $1.6 million in restitution and interest. [SALT LAKE TRIBUNE: AUDITOR FINE]

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Published on Mar-28-07