Ernst & Young wins global Islamic Finance Award again

(MENAFN Press) Ernst & Young, one of the worlds leading professional services firms and the market leader in the Middle East, has been awarded as the "Most outstanding Business Advisory & Consulting Firm" at the 4th Kuala Lumpur Islamic Finance Forum (KLIFF) 2007 for the second year in a row. Sameer Abdi, the head of Ernst & Youngs Islamic Financial Services Group (IFSG), was in Kuala Lumpur to receive the award.

"We are very inspired by this acknowledgement as it highlights the value of our experience and capabilities in the Islamic finance services industry," explained Sameer Abdi. "It also reinforces the recognition we received last year and goes a long way in driving our team through another year of achievements and hard work."

Noor Ur Rahman Abid, Managing Partner, Audit and Assurance Business Services, Ernst & Young, Middle East, added, "Our pioneering approach is reflected in the fact that we are the only professional services firm in the GCC to offer Sharia auditing. We will continue to develop and bring in new, tailored services in Islamic finance to the region and offer a range of services that cover the entire life-cycle of a transaction."

PwC still king of the TOP 100 FTSE

The Big Four leader still has 41 audits, maintaining the gulf between KPMG (21), Deloitte (20) and Ernst &Young (18)


Deloitte has closed the gap between itself and KPMG in terms of FTSE 100 audits, but PricewaterhouseCoopers’ dominance of the sector has not been challenged after the latest quarterly review.

The FTSE 100 reshuffle saw Taylor Wimpey, Tullow Oil and Carphone Warehouse catapulted into the top echelon. However, despite auditing all three of the promoted corporates, Deloitte’s gain was blunted by two of its clients dropping out of the blue-chip index.

Drax and Segro plc, ironically a company whose audit Deloitte poached from PwC earlier this year, dropped into the FTSE 250 together with Kelda Group, audited by E&Y.
More upheaval is set to hit the FTSE 100 if a high profile merger deal is completed later this year.

E&Y will benefit from the insurance giant Resolution’s bid for rival Friends Provident. In terms of director appointments, Resolution appears to be the senior partner in the move, suggesting E&Y could win the audit of the combined £8.6bn group at the expense of Friends’ auditor KPMG.

Source: AccountancyAge.com

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PCAOB Issues Disciplinary Orders Against Deloitte & Touche LLP and a Former Audit Partner

Washington, DC, December 10, 2007 – The Public Company Accounting Oversight Board today issued Orders instituting disciplinary proceedings against Deloitte & Touche LLP and a former Deloitte audit partner, James L. Fazio, CPA, for violations of the Board’s interim auditing standards in connection with the firm’s 2003 audit for Ligand Pharmaceuticals Incorporated.

Without admitting or denying the Board’s findings, Deloitte consented to an order imposing a $1 million civil money penalty. As described in the order, Deloitte has implemented changes to its quality control policies and procedures for identifying and addressing potential audit quality concerns regarding the performance and deployment of its audit partners. The order requires Deloitte to undertake certain documentation practices relating to these additional quality control policies and procedures. The firm also was censured.

Details continued here... PCAOB link

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