U.S. says Ernst & Young to pay $11.8 million to settle audit charges
Ernst & Young will pay $11.8 million (9.64 million pounds) to settle charges over "failed audits" of oil services company Weatherford International Plc , the U.S. Securities and Exchange Commission said on Tuesday.
An Ernst & Young partner who coordinated the audits and a former tax partner who was part of the audit team were also charged in the SEC's order, the agency said in a statement. Under the settlement, both men agreed to "suspensions to settle charges that they disregarded significant red flags during the audits and reviews," the SEC said.
The charges... read more
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