The Big Four bogeyman has haunted the U.S. legal market for years. Like any good horror movie villain, it’s shrouded in mystery. We don’t know when it’s coming, or exactly what will go down, but we know that a...more
A D.C. Circuit panel unanimously ruled that the Public Company Accounting Oversight Board ("PCAOB") acted unlawfully by denying former Ernst & Young partner Marc Laccetti his right to bring an accounting expert to an...more
In its sixth annual report on voluntary audit committee reporting to shareholders, Ernst & Young observed “similar increases in voluntary audit-related disclosure as in the past several years, with steady growth in certain...more
In a recent speech, SEC Enforcement Director Andrew Ceresney confirmed the SEC’s continued pursuit of investigations and enforcement actions relating to issuer reporting and disclosure, an area that remains a high priority...more
The SEC and the PRC based affiliates of five major accounting firms entered into a settlement of proceedings initiated over the failure to produce audit work papers for issuers with substantial operations in China. The...more
Auditor independence is critical. The opinion issued by the audit firm regarding the financial statements of an audit client represents in part that the firm is independent. That judgment is based on an assessment of all the...more
On January 22, 2014, U.S. Securities and Exchange Commission Administrative Law Judge Cameron Elliot (the ALJ) issued an initial decision censuring the Chinese accounting firms affiliated with Ernst & Young LLP, KPMG LLP...more