PCAOB Rips E&Y on Revenue Recognition

Sarah Johnson wrote in CFO.com on May 27, 2009 : Ernst & Young failed to note when two clients strayed from revenue-recognition rules, according to the latest inspection report on the Big Four firm by the Public Company Accounting Oversight Board. Consequently, the regulator's sixth annual inspection of E&Y resulted in those clients having to restate their previously issued financial statements to make up for the departure from U.S. generally accepted accounting principles.  Read the rest of this article in here >>