Ernst & Young LLP

Our opinion stated that Lehman's financial statements for 2007 were fairly presented in accordance with U.S. GAAP, and we remain of that view

It was not caused by accounting issues or disclosure issues.

Under the terms of the settlement, Ernst & Young will pay $10 million—most of which will go to investors, with the remaining settlement funds to be used to reimburse New York State for investigation and litigation costs.

“pleased to put this matter behind us”

Ernst & Young LLP agreed to pay $10 million to settle New York’s lawsuit accusing it of helping Lehman Brothers Holdings Inc. hide financial problems in the years leading to its 2008 collapse.

The settlement of the state lawsuit, filed in 2010, closes out the first case filed against the auditor of a public company under New York securities laws, the Attorney General's office said.

Ernst & Young LLP agreed to pay investors $99 million to settle litigation over its auditing of the bankrupt Lehman Brothers Holdings Inc.

Ernst & Young denies all liability to the plaintiffs

The London-based auditor admitted to the charges and agreed to pay what the SEC said is its largest fine against an auditor.

The Wall Street watchdog found that 49 EY professionals “obtained or circulated” answer keys to CPA licence exams, while hundreds of others cheated to complete the continuing professional education components relating to CPA ethics.

EY submitted to the SEC that it did not have issues with cheating when, in fact, the firm had been informed of potential cheating on a CPA ethics exam by a member of staff, the SEC said.

It added that EY admitted it did not correct its submission even after an internal EY investigation confirmed there had been cheating, and even after its senior lawyers discussed the matter with the firm’s senior management.

The US financial watchdog said in a statement that EY had agreed to pay the highest penalty ever imposed on an audit firm by the SEC

Our response to this unacceptable past behavior has been thorough, extensive, and effective.

U.S. GNF – These firms are headquartered in the U.S. and are members of global networks through which they affiliate with firms in other countries for various business and client service purposes.

The Big Four accounting firms are commonly known to be Deloitte & Touche LLP (“Deloitte”), Ernst & Young LLP (“EY”), KPMG LLP (“KPMG”), and PricewaterhouseCoopers LLP (“PwC”).

Lehman’s auditors, Ernst & Young, were aware of but did not question Lehman’s use and nondisclosure of the Repo 105 accounting transactions.

At Ernst & Young LLP , 22 of the 59 audits reviewed in 2023 were included in Part I.A.

At Ernst & Young LLP , 18 of the 64 audits reviewed by the PCAOB in 2024 were included in Part I.A of this report due to the significance of the deficiencies identified, a 28% Part I.A deficiency rate.