PROBLEMS WITH E & Y AUDITS

The Public Company Accounting Oversight Board released non-public sections of its 2010 report on Ernst & Young regarding the firm's quality control inspection. The regulator found an additional six auditing engagements with deficiencies. The report outlined problems in several areas, including supervision, review, and professional skepticism. In addition, the PCAOB found nine instances where the auditors had identified a fraud risk, but Ernst & Young did not sufficiently address the risk