A British investigation has been launched into whether Ernst & Young properly audited Lehman Brothers’ accounts in the months preceding the US investment bank’s collapse in September 2008, reports the FT. The Accountancy and Actuarial Disciplinary Board has launched a probe into E&Y’s accounting treatment of controversial transactions known as “Repo 105s” and “Repo 108s”, which Lehman regularly used in its quarter-end balance sheets.

This entry was posted by Gwen Robinson on Wednesday, June 16th, 2010 at 2:28 and is featured in The 6am Cut London (16 Jun 2010), The Lunch Wrap (16 Jun 2010) . Tagged with aaDB, E&Y, Lehman Brothers, repo. Edit this entry.