Why Is Ernst And Young The Auditor At So Many Companies That Have Recently Imploded
Sat, 10/17/2020 – 13:10
If there’s one tie that binds some of the more recent and obvious implosions in capital markets – Luckin Coffee, Wirecard and NMC Health to name a few – is that Ernst & Young has been the auditor.
The big four accounting firm has “missed red flags or failed to aggressively pursue them” at many of these companies ahead of their scandals, according to a new write up by The Wall Street Journal.
Regulators are now taking a look at E&Y’s work, the report claims, as a result.
E&Y has stood by its work and has attested that it has high standards. But it’s tough to not want to try and notice that a trend is emerging with companies that are blowing up spectacularly.
Andy Baldwin, EY’s global client service managing partner, told WSJ: “We take all issues extremely seriously.”
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