Ernst & Young

E&Y's outsourced auditing raises eyebrows in court

E&Y's outsourced auditing raises eyebrows in court

Imagine there are two new listings with largely identical businesses. Company A has its report signed off by a Hong Kong arm of a Big Four accountancy. Company B's is signed by the accountancy's mainland joint venture. Where will you put your money?

Saturday, 18 May, 2013, 3:29am

China interest rate liberalisation to hit banks' interest margin: Ernst & Young

China interest rate liberalisation to hit banks' interest margin: Ernst & Young

The impact of interest rate liberalisation on mainland banks will be reflected in a further compression of their net interest margin in their results this year, Ernst & Young says.

Net interest margin is a profitability measure based on the difference between interest income and interest outlays.

14 May 2013 - 3:32am

Ernst & Young in court over secrets kept from the SFC

Securities and Futures Commission and Ernst & Young argue in court over whether mainland state secrets law meant audit papers could not be handed over.

The legal battle between the Securities and Futures Commission and Ernst & Young kicked off yesterday, with lawyers debating whether state secrets were an excuse for not handing a listing candidate's audit working papers to the regulator.

28 Mar 2013 - 5:52am

Ernst & Young faces court grilling over listing bid by mainland China firm

Alden Leung Kwok-ki

A partner in the Hong Kong office of the accounting firm Ernst & Young is to be cross-examined in court by lawyers from the Securities and Futures Commission over the firm's alleged failure to provide information on a listing candidate from the mainland.

9 Mar 2013 - 5:15am

Ernst & Young to pay US$123m fine for tax avoidance

Ernst & Young has agreed to pay US$123 million in a settlement with criminal prosecutors in the US, admitting that some of its most senior tax partners had been involved in developing, marketing and defending tax schemes between 1999 and 2004 to dodge taxes worth US$2 billion faced by about 200 wealthy individuals.

5 Mar 2013 - 3:02am

Hong Kong keeps top spot as most globalised economy

High internet penetration helped Hong Kong remain as the most globalised economy for the third consecutive year. Photo: AFP

In its globalisation index, E&Y polled 730 senior business executives worldwide last year to gauge the degree of globalisation relative to the gross domestic product of the economy. Hong Kong led with a score of 7.81 points, followed by Singapore (6.31) and Ireland (5.63).

26 Feb 2013 - 4:54am

Accounting showdown

The US regulator wants the audit papers of Chinese companies listed on US stock exchanges or it will delist them. Photo: Reuters

Without much public fanfare or even awareness except in the gloomy world of bean-counting accountants, China and the United States have embarked on yet another business collision course. Patrick Chovanec, the respected Tsinghua University-based American academic asks whether they can avert an "accounting Armageddon".

12 Dec 2012 - 4:04am

Auditor to pay record sum over Sino-Forest accounts

No takers for a DHL delivery at the Canadian office of Sino-Forest whose accounts were audited by Ernst & Young Canada. Photo: Bloomberg

Ernst & Young has agreed to pay C$117 million (HK$912 million) to settle shareholder claims regarding its audits of Sino-Forest Corp, the tree-plantation company that filed for bankruptcy protection this year.

5 Dec 2012 - 3:12am

Accounting firms caught between the laws of China and the US

The Big Four firms and BDO are accused of not co-operating with the US. Photos: Bloomberg and Reuters

The world's top five largest accounting firms facing a US regulatory probe relating to allegations they withheld documents under mainland state secret laws, have called on China and the US to prevent them being sandwiched between the laws of the two countries.

5 Dec 2012 - 4:45am

BDO backs Ernst & Young on 'secrecy' documents

Accounting firm BDO stands behind competitor Ernst & Young's decision to withhold some audit-related documents from the Securities and Futures Commission on the grounds of mainland secrecy laws until a Hong Kong court has ruled on the issue.

15 Oct 2012 - 2:53am

Brazil's rising housing market in line with strong economic performance

Brazil's success story has been the nation's 'ability to position itself as an increasingly attractive place to do business', says Ernst & Young chairman and CEO Jim Turley.

Soccer-loving Brazil is also kicking goals in the property stakes, with values rising by a world-beating 18.4 per cent year-on-year.

12 Oct 2012 - 6:40pm

Business Digest, September 21, 2012

China Ocean Shipping is eyeing the possibility of expanding into offshore oil and gas.

Taiwan export orders from mainland rise

21 Sep 2012 - 2:46am

Accountants face new challenges over state secrets law

Accountants in Hong Kong are facing a challenge that goes beyond balance sheets and profit and loss accounts - how to handle state secrets.

At issue is whether companies can use such secrets as a reason for not disclosing information to auditors and if accountants can use that same excuse to not give information to the Securities and Futures Commission (SFC).

3 Sep 2012 - 11:03am

HK court to rule on Ernst & Young's state secret defence

A Hong Kong court will rule next month on whether Ernst & Young can use state secrets as an excuse for withholding information from the securities regulator.

29 Aug 2012 - 4:11am

SFC takes legal action against Ernst & Young

The Securities and Futures Commission says it has the mainland authorities' backing in the matter against Ernst & Young. Photo: Felix Wong

The Securities and Futures Commission initiated legal action yesterday against Ernst & Young for refusing to provide information on a listing candidate on the grounds of state secrets.

28 Aug 2012 - 2:54pm