THE US Securities and Exchange Commission (SEC) is investigating whether accountancy firm Ernst & Young violated auditor rules by letting its lobbying unit perform work for several major audit clients, according to Reuters.
US rules bar auditors from serving in an “advocacy role” for audit clients. An SEC spokesman declined to comment. An Ernst & Young spokeswoman told Reuters: “All of our services for audit clients undergo considerable scrutiny to confirm they are consistent with applicable rules.”
City A.M. Reporter