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E&Y Facing More Trouble Over PeopleSoft Audits

Compliance Week | September 28, 2004

Last week, the California Board of Accountancy sanctioned Ernst & Young over questions about the firm's independence in its dealings with former client PeopleSoft.

According to the California board settlement (see box at right), E&Y will pay $100,000 and face three years of probation. Also, the firm will be required to hire an independent consultant to check a sampling of its California audits, and an independent auditor to ensure its compliance with SEC rules.

The action comes just as Ernst & Young heads into the last month of a half-year ban on accepting new audit clients. The ban was imposed in April by an administrative law judge at the SEC. During the years 1995 to 1999, Ernst & Young’s tax division worked with PeopleSoft to develop and market a software program to help companies manage payroll and tax-withholding...

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