April 26, 1991 |
The Ernst & Young accounting firm will pay the state $1.5 million to settle charges that it was grossly negligent in 1987 audits of Lincoln Savings & Loan in Irvine and its parent firm. The settlement with the state Board of Accountancy also bars one of the accounting firm's Los Angeles partners from performing audits for a year as part of a three-year probation. In the settlement, Ernst & Young admitted no wrongdoing.
December 5, 1990 |
The state Board of Accountancy is seeking to revoke or suspend the California license of Ernst & Young, one of the nation's largest accounting firms, for alleged "gross negligence" in audits of Lincoln Savings & Loan in Irvine and its parent company. The administrative action, brought by the board's staff, charges that Ernst & Young failed to follow proper accounting procedures in audits of the 1987 financial statements of Lincoln and its parent firm, American Continental Corp. in Phoenix.
December 6, 1990 |
The move by California officials to seek a revocation of the accounting license of Ernst & Young may further tarnish the firm's reputation but is unlikely to result in major damage to the firm's operations in the long run, industry officials said Wednesday.
CALIFORNIA | LOCAL
July 5, 2004 |
In 1994, California regulators began investigating the accounting firm that had audited Orange County as it slid into the largest municipal bankruptcy in U.S. history. It took eight years and $9 million for the state Board of Accountancy to discipline KPMG. The board has an annual budget of $10 million and 56 employees; the accounting giant earned $12 billion last year and employs nearly 90,000 people.
March 22, 1987
Sam Yellen has been elected president of the California State Board of Accountancy. He is partner-in-charge of professional practice for Peat Marwick's Los Angeles office and also is a member of the firm's board of directors.
September 22, 2004
* Holiday season sales are expected to increase 4.5% this year, less than their 5.1% gain in 2003, as higher energy costs, rising interest rates, anemic wage gains and geopolitical threats continue to curb spending, the National Retail Federation said. * The California Board of Accountancy put Ernst & Young on three years' probation and required it to pay as much as $100,000 in investigation costs stemming from violations of independence rules in audits of PeopleSoft Inc.