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(From Financial Director)
Welcome to the Big Three. Now that Ernst & Young has been banned by the US SEC from securing any new public company audit work for a period of six months, we find ourselves in a (brief) era in which there simply aren't enough accountancy firms to go around. E&Y is in the sin bin after having its audit integrity called into question because it had a commercial relationship with PeopleSoft in the 1990s - helping lots of companies get the ERP software out of the box and into the computers - at the same time as auditing PeopleSoft's accounts. (PeopleSoft switched to Andersen in 2000 - oops!) Claiming that E&Y would "likely ...