Arizona sets hearing on audits S. & L.
Ernst & Young, one of the nation’s Big Six accounting firms, could be prescribed by the practice in Arizona because of complaints about its handling of the U.S. trials Lincoln Continental Corporation and savings and credit.
The Arizona Board of Accountancy, said today it had commissioned a consultation on the accusation, Ernst & Young and five company employees were grossly negligent in its audits and formal reports on the failure of enterprises.
Mort Meyerson, a spokesman for Ernst & Young in New York, said: “We have not seen the complaint yet, and that the company had no comment.
Lincoln economy Irvine, California, was an affiliate of Phoenix American Continental, owned by Charles H. Keating Jr. American Continental bankrupt in 1989, was kidnapped and Lincoln, President of the Confederation of regulatory authorities on a record at the expense of taxpayers, 2 $ 6 billion.
On the question of examinations is provided by an Ernst & Young’s predecessor, Arthur Young, from 1986 to 1988, gave no warning before the eventual collapse of American Continental and Lincoln. Merges with Arthur Young Ernst & W during the year 1989, Ernst & Young.
The consultation could result in the revocation of licences Ernest & Young, Arizona. Licenses can also be revoked for Jack D. Atchison, a partner in the office of Arthur Young in Phoenix, Richard G. Banes, an audit manager in the office, Albert J. Boos and Kenneth D. Kroese, were partners in Phoenix Bureau, and Nancy J. Matusiak, Arthur Young accountant.
Mr. Atchison went to work M. Keating early 1988, just before the annual review.
Person, whose licence was withdrawn would be able to provide accounting services in Arizona. A hearing date has been set.
California’s Board of Accountancy, a similar appeal against Ernst & Young in November 1990, businesses and conduct $ 1.5 million.
Ernst & Young has recently paid $ 63 million for settling a dispute by the bondholders American Continental, have lost their money, if the company collapsed.
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