EY reported over Danske Bank audit

Friday, 12. April 2019 13:39

Denmark's business regulator reported accounting giant Ernst and Young to the police over perceived shortcomings in its audit of troubled Danish bank Danske Bank, it announced on Friday.

In the release, the Danish Business Authority (DBA) said that it initiated an investigation on October 4 last year into parts of EY's audit of Danske Bank's annual and consolidated financial statements for 2014. It determined that EY became aware of information that should have prompted it to undertake further investigations and that the accounting company notified the country's Money Laundering Secretariat. The DBA said that on the basis of its findings it decided to refer the case to the police to assess whether the provisions of Denmark's Money Laundering Act had been breached.

Danske Bank has been at the center of a money-laundering scandal that originated in its Estonian branch and was later found to have links to other countries. It has been investigated in both France and the United States and has been ordered to shutter its Baltic and Russian operations. Recent reports also linked Swedbank to the affair, whose CEO subsequently resigned.

Related Links: Danske Bank A/S
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